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MKCMcCormick & Company

Consumer staples · Packaged Foods · NYSE

McCormick is a global leader in flavor. We manufacture, market, and distribute herbs, spices, seasoning mixes, condiments, and other flavorful products to the entire food and beverage industry: retailers, food manufacturers, and foodservice businesses. 10-K, Item 1

MKC quote by TradingView
Employees
14,100
Headquarters
Hunt Valley, MD
CEO
Brendan M. Foley
Next results
around Jan 21, 2027
Compare with peers → Embed
All key numbers (42, from the latest 10-K and 10-Q) From EDGAR
EPS (ttm)5.53Sales (ttm)7.7BNet income (ttm)1.5BSales growth+1.7%EPS growth+0.3%Sales Q/Q+17.4%
Free cash flow925.9MGross margin39.1%Oper. margin13.4%Net margin19.4%FCF margin12.0%ROE21.3%
ROA9.0%R&D / sales1.6%Dividend1.83Debt/Eq0.72Curr. ratio0.66Cash331.1M
Op. cash flow (ttm)1.1BEBITDA1.3BEBITDA margin19.0%Net debt4.7BQuick ratio0.37Interest cover5.46
ROIC7.0%Payout ratio62.5%Tax rate21.4%Stock pay / sales0.7%Shares out.269.4MShares Y/Y-0.1%
Book / share26.00Cash / share1.23Sales / share28.53Asset turnover0.46Inventory turns3.34Days sales out.34
Sales 3Y CAGR+2.5%Sales 5Y CAGR+4.1%EPS 3Y CAGR+5.2%EPS 5Y CAGR+1.1%Employees14,100Sales / employee545K

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

MKC against Consumer staples peers

Ten years, side by side → · All 34 →
GrowthProfitBalanceCleanInsiders
MKCPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 34 companies, the better end on the right. Hover a dot for the company.

Sales growth
+1.7%19th of 33 · median +2.1%
Net margin
19.4%7th of 33 · median 8.0%
Return on equity
21.3%13th of 29 · median 18.6%
Free cash flow margin
12.0%14th of 33 · median 10.7%
Debt / equity (less is better)
0.7213th of 29 · median 0.82
MKC and the 5 peers closest in revenue
CompanyRevenue (ttm)Sales growthGross marginNet marginROEFCF marginDebt / equity
MKC McCormick & Company$7.7B +1.7%39.1%19.4%21.3%12.0%0.72
MNST Monster Beverage$9.6B +10.7%55.3%22.7%22.1%20.0%0.04
STZ Constellation Brands$9.2B -10.5%52.7%20.9%22.4%20.0%1.20
SJM J.M. Smucker$9.2B +3.7%38.7%2.5%4.0%17.3%1.17
CLX Clorox$7.6B +0.2%44.7%11.9%-10.7%-
CHD Church & Dwight$6.2B +1.6%46.1%12.4%17.3%16.9%0.49

From $6.3B of sales to $755.3M of profit

FY2021, from the 10-K income statement
Revenue to Gross profit: $2.5BRevenue to Cost of revenue: $3.8BGross profit to Operating profit: $1.0BGross profit to Operating expenses: $1.5BOperating profit to Net profit: $755.3MOperating profit to Tax & other: $259.8MOperating expenses to R&D: $87.3MOperating expenses to SG&A: $1.4B Revenue: $6.3B Revenue$6.3B +13% Y/Y Gross profit: $2.5B · 39% margin Gross profit$2.5B39% margin +8% Y/Y Cost of revenue: $3.8B · 61% of revenue Cost of revenue$3.8B61% of revenue Operating profit: $1.0B · 16% margin Operating profit$1.0B16% margin +2% Y/Y Operating expenses: $1.5B · 23% of revenue Operating expenses$1.5B23% of revenue Net profit: $755.3M · 12% margin Net profit$755.3M12% margin +1% Y/Y Tax & other: $259.8M · 4% of revenue Tax & other$259.8M4% of revenue R&D: $87.3M · 1% of revenue R&D$87.3M1% of revenue SG&A: $1.4B · 22% of revenue SG&A$1.4B22% of revenue

Swipe sideways for the whole flow →

From $6.4B of sales to $682.0M of profit

FY2022, from the 10-K income statement and revenue by segment
Consumer to Revenue: $3.8BFlavor Solutions to Revenue: $2.6BRevenue to Gross profit: $2.3BRevenue to Cost of revenue: $4.1BGross profit to Operating profit: $863.6MGross profit to Operating expenses: $1.4BOperating profit to Net profit: $682.0MOperating profit to Tax & other: $181.6MOperating expenses to R&D: $87.5MOperating expenses to SG&A: $1.3B Consumer: $3.8B · 59% Consumer$3.8B59% Flavor Solutions: $2.6B · 41% Flavor Solutions$2.6B41% Revenue: $6.4B Revenue$6.4B +1% Y/Y Gross profit: $2.3B · 36% margin Gross profit$2.3B36% margin −9% Y/Y Cost of revenue: $4.1B · 64% of revenue Cost of revenue$4.1B64% of revenue Operating profit: $863.6M · 14% margin Operating profit$863.6M14% margin −15% Y/Y Operating expenses: $1.4B · 22% of revenue Operating expenses$1.4B22% of revenue Net profit: $682.0M · 11% margin Net profit$682.0M11% margin −10% Y/Y Tax & other: $181.6M · 3% of revenue Tax & other$181.6M3% of revenue R&D: $87.5M · 1% of revenue R&D$87.5M1% of revenue SG&A: $1.3B · 21% of revenue SG&A$1.3B21% of revenue

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From $6.7B of sales to $680.6M of profit

FY2023, from the 10-K income statement and revenue by segment
Consumer to Revenue: $3.8BFlavor Solutions to Revenue: $2.9BRevenue to Gross profit: $2.5BRevenue to Cost of revenue: $4.2BGross profit to Operating profit: $963.0MGross profit to Operating expenses: $1.5BOperating profit to Net profit: $680.6MOperating profit to Tax & other: $282.4MOperating expenses to R&D: $94.9MOperating expenses to SG&A: $1.4B Consumer: $3.8B · 57% Consumer$3.8B57% Flavor Solutions: $2.9B · 43% Flavor Solutions$2.9B43% Revenue: $6.7B Revenue$6.7B +5% Y/Y Gross profit: $2.5B · 38% margin Gross profit$2.5B38% margin +10% Y/Y Cost of revenue: $4.2B · 62% of revenue Cost of revenue$4.2B62% of revenue Operating profit: $963.0M · 14% margin Operating profit$963.0M14% margin +12% Y/Y Operating expenses: $1.5B · 23% of revenue Operating expenses$1.5B23% of revenue Net profit: $680.6M · 10% margin Net profit$680.6M10% margin +0% Y/Y Tax & other: $282.4M · 4% of revenue Tax & other$282.4M4% of revenue R&D: $94.9M · 1% of revenue R&D$94.9M1% of revenue SG&A: $1.4B · 22% of revenue SG&A$1.4B22% of revenue

Swipe sideways for the whole flow →

From $6.7B of sales to $788.5M of profit

FY2024, from the 10-K income statement and revenue by segment
Consumer to Revenue: $3.8BFlavor Solutions to Revenue: $2.9BRevenue to Gross profit: $2.6BRevenue to Cost of revenue: $4.1BGross profit to Operating profit: $1.1BGross profit to Operating expenses: $1.5BOperating profit to Net profit: $788.5MOperating profit to Tax & other: $271.8MOperating expenses to R&D: $102.9MOperating expenses to Sales, admin & other: $1.4B Consumer: $3.8B · 57% Consumer$3.8B57% Flavor Solutions: $2.9B · 43% Flavor Solutions$2.9B43% Revenue: $6.7B Revenue$6.7B +1% Y/Y Gross profit: $2.6B · 39% margin Gross profit$2.6B39% margin +4% Y/Y Cost of revenue: $4.1B · 61% of revenue Cost of revenue$4.1B61% of revenue Operating profit: $1.1B · 16% margin Operating profit$1.1B16% margin +10% Y/Y Operating expenses: $1.5B · 23% of revenue Operating expenses$1.5B23% of revenue Net profit: $788.5M · 12% margin Net profit$788.5M12% margin +16% Y/Y Tax & other: $271.8M · 4% of revenue Tax & other$271.8M4% of revenue R&D: $102.9M · 2% of revenue R&D$102.9M2% of revenue Sales, admin & other: $1.4B · 21% of revenue Sales, admin & other$1.4B21% of revenue

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From $6.8B of sales to $789.4M of profit

FY2025, from the 10-K income statement and revenue by segment
Consumer to Revenue: $4.0BFlavor Solutions to Revenue: $2.9BRevenue to Gross profit: $2.6BRevenue to Cost of revenue: $4.2BGross profit to Operating profit: $1.1BGross profit to Operating expenses: $1.5BOperating profit to Net profit: $789.4MOperating profit to Tax & other: $281.4MOperating expenses to R&D: $106.1MOperating expenses to Sales, admin & other: $1.4B Consumer: $4.0B · 58% Consumer$4.0B58% Flavor Solutions: $2.9B · 42% Flavor Solutions$2.9B42% Revenue: $6.8B Revenue$6.8B +2% Y/Y Gross profit: $2.6B · 38% margin Gross profit$2.6B38% margin +0% Y/Y Cost of revenue: $4.2B · 62% of revenue Cost of revenue$4.2B62% of revenue Operating profit: $1.1B · 16% margin Operating profit$1.1B16% margin +1% Y/Y Operating expenses: $1.5B · 22% of revenue Operating expenses$1.5B22% of revenue Net profit: $789.4M · 12% margin Net profit$789.4M12% margin +0% Y/Y Tax & other: $281.4M · 4% of revenue Tax & other$281.4M4% of revenue R&D: $106.1M · 2% of revenue R&D$106.1M2% of revenue Sales, admin & other: $1.4B · 21% of revenue Sales, admin & other$1.4B21% of revenue

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Where each $100 of sales went

FY2021
FY2022
FY2023
FY2024
FY2025
  • Cost of revenue
  • R&D
  • Sales, admin & other
  • Tax & other
  • Net profit

Band widths are the money. Gross profit is revenue less cost of revenue; operating expenses are gross profit less operating profit; R&D is from the income statement and the rest of the operating expenses is everything else; tax includes interest and other items when they are small. Y/Y is the change from the fiscal year before. Revenue by part only for the years in the last two 10-Ks' segment tables. The full income statement →

Profitability

3 of 4
  • ✓
    Net margin above the peer median19.4% vs 8.0%
  • !
    Gross margin down over 5 years41.1% → 37.9%
  • ✓
    Return on equity above 15%21.3%
  • ✓
    A profit in every one of 10 years
Net margin, FY2016 to FY2025: 10.7% → 11.5%

Balance sheet

2 of 4
  • ✓
    Interest covered more than 5 timesOperating income is 5.5× interest expense
  • ✓
    Debt smaller than equityDebt / equity 0.72 on the latest balance sheet (peer median 0.82)
  • !
    Current ratio below 1Current ratio 0.66
  • !
    Net debt over 3 years of free cash flow$4.7B net debt, 5.1 years
Debt / equity at each year end, FY2016 to FY2025: 0.86 → 0.69
What the debt is made of ↓

Cash and shareholders

3 of 4
  • ✓
    Free cash flow positive in every one of 10 years$740.4M last year
  • !
    Share count up over 5 years+0.1%
  • ✓
    Dividend per share up over 5 years$1.27 → $1.83
  • ✓
    Cash from operations above net income$962.2M vs $789.4M
Free cash flow, FY2016 to FY2025: 504.3M → 740.4M

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

What the debt is made of, and when it is due

balance sheet of Aug 31, 2026 · schedule of Nov 30, 2025
Debt: $5.0B Debt$5.0B Long-term debt: $2.9B · 58% Long-term debt$2.9B · 58% Due within a year: $771.9M · 15% Due within a year$771.9M · 15% Short-term borrowings: $1.3B · 27% Short-term borrowings$1.3B · 27% Year 2: $759.8M · 15% Year 2$759.8M · 15% Year 3: $10.4M · 0% Year 3$10.4M · 0% Year 4: $20.7M · 0% Year 4$20.7M · 0% Year 5: $511.6M · 10% Year 5$511.6M · 10% After year 5: $1.8B · 37% After year 5$1.8B · 37%

The debt note's own lines, 2025-11-30

Line, as the company names itKindRateFixed or floatingAmount
Senior Unsecured Notes (Senior Notes)Secured4.68–4.70%not stated$500.0M

From the debt note in the 10-K's XBRL (0000063754-26-000037), as the company tags it: by issue, by year, by currency or by kind. Lines from two ways of cutting the same debt can overlap, so they are not added up. Fixed or floating is read from the line's own name only; "not stated" when it says neither.

Left: the debt lines on the balance sheet (XBRL). Right: the principal due each year, from the debt note's maturity schedule; it can differ a little from the balance sheet, which shows the debt net of discounts and fees. Leases are not counted. The full schedule →

Revenue and net income, FY2016 to FY2025

Revenue 6.8B Net income 789.4M
FY2016 revenue 4.4B · Revenues, 0000063754-19-000017 FY2016 net income 472.3M · NetIncomeLoss, 0000063754-19-000017 4.4B FY2016 FY2017 revenue 4.8B · SalesRevenueNet, 0000063754-18-000008 FY2017 net income 477.4M · NetIncomeLoss, 0000063754-20-000022 4.8B FY2017 FY2018 revenue 5.3B · Revenues, 0000063754-21-000020 FY2018 net income 933.4M · NetIncomeLoss, 0000063754-21-000020 5.3B FY2018 FY2019 revenue 5.3B · Revenues, 0000063754-22-000005 FY2019 net income 702.7M · NetIncomeLoss, 0000063754-22-000005 5.3B FY2019 FY2020 revenue 5.6B · Revenues, 0000063754-23-000005 FY2020 net income 747.4M · NetIncomeLoss, 0000063754-23-000005 5.6B FY2020 FY2021 revenue 6.3B · Revenues, 0000063754-24-000027 FY2021 net income 755.3M · NetIncomeLoss, 0000063754-24-000027 6.3B FY2021 FY2022 revenue 6.4B · Revenues, 0000063754-25-000005 FY2022 net income 682.0M · NetIncomeLoss, 0000063754-25-000005 6.4B FY2022 FY2023 revenue 6.7B · Revenues, 0000063754-26-000037 FY2023 net income 680.6M · NetIncomeLoss, 0000063754-26-000037 6.7B FY2023 FY2024 revenue 6.7B · Revenues, 0000063754-26-000037 FY2024 net income 788.5M · NetIncomeLoss, 0000063754-26-000037 6.7B FY2024 FY2025 revenue 6.8B · Revenues, 0000063754-26-000037 FY2025 net income 789.4M · NetIncomeLoss, 0000063754-26-000037 6.8B FY2025

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

MKC's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly
Revenue6.8B
FY2016: 4.4BFY2017: 4.8BFY2018: 5.3BFY2019: 5.3BFY2020: 5.6BFY2021: 6.3BFY2022: 6.4BFY2023: 6.7BFY2024: 6.7BFY2025: 6.8B FY2017FY2019FY2021FY2023FY2025
Net income789.4M
FY2016: 472.3MFY2017: 477.4MFY2018: 933.4MFY2019: 702.7MFY2020: 747.4MFY2021: 755.3MFY2022: 682.0MFY2023: 680.6MFY2024: 788.5MFY2025: 789.4M FY2017FY2019FY2021FY2023FY2025
Free cash flow740.4M
FY2016: 504.3MFY2017: 632.9MFY2018: 652.1MFY2019: 773.1MFY2020: 816.0MFY2021: 550.3MFY2022: 389.5MFY2023: 973.4MFY2024: 647.0MFY2025: 740.4M FY2017FY2019FY2021FY2023FY2025
EPS (diluted)2.93
FY2016: 1.84FY2017: 1.86FY2018: 3.50FY2019: 2.62FY2020: 2.78FY2021: 2.80FY2022: 2.52FY2023: 2.52FY2024: 2.92FY2025: 2.93 FY2017FY2019FY2021FY2023FY2025
Dividend per share1.83
FY2016: 0.88FY2017: 0.96FY2018: 1.07FY2019: 1.17FY2020: 1.27FY2021: 1.39FY2022: 1.50FY2023: 1.59FY2024: 1.71FY2025: 1.83 FY2017FY2019FY2021FY2023FY2025
Diluted shares269.4M
FY2016: 256.0MFY2017: 256.8MFY2018: 266.5MFY2019: 268.1MFY2020: 269.1MFY2021: 269.9MFY2022: 270.2MFY2023: 269.8MFY2024: 269.6MFY2025: 269.4M FY2017FY2019FY2021FY2023FY2025

Revenue by business segment

year to Nov 30, 2025
RevenueSharevs year before
Consumer 4.0B57.8% +2.6%
Flavor Solutions 2.9B42.2% +0.5%

10-K 0000063754-26-000037, segment and revenue notes (XBRL).

Revenue by region

year to Nov 30, 2025
RevenueSharevs year before
Americas 4.9B71.2% +1.4%
United States 4.2B60.9% +1.6%
Other Countries 1.4B20.5% +1.7%
EMEA 1.3B18.5% +2.4%
Asia Pacific 704.0M10.3% +3.2%

10-K 0000063754-26-000037, segment and revenue notes (XBRL).

Income statement

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue4.4B4.8B5.3B5.3B5.6B6.3B6.4B6.7B6.7B6.8B
Cost of revenue2.6B2.9B3.2B3.2B3.3B3.8B4.1B4.2B4.1B4.2B
Gross profit1.8B1.8B2.1B2.1B2.3B2.5B2.3B2.5B2.6B2.6B
R&D61.0M66.1M69.4M67.3M68.6M87.3M87.5M94.9M102.9M106.1M
SG&A1.2B1.0B1.2B1.2B1.3B1.4B1.4B1.5B1.5B1.5B
Operating income641.0M699.8M891.1M957.7M999.5M1.0B863.6M963.0M1.1B1.1B
Interest expense56.0M95.7M174.6M165.2M135.6M136.6M149.1M208.2M209.4M196.2M
Pretax income589.2M594.8M741.3M819.2M881.5M895.8M812.8M798.7M898.3M913.0M
Income tax153.0M151.3M-157.3M157.4M174.9M192.7M168.6M174.5M184.0M195.8M
Net income472.3M477.4M933.4M702.7M747.4M755.3M682.0M680.6M788.5M789.4M
EPS (diluted)1.841.863.502.622.782.802.522.522.922.93
Diluted shares256.0M256.8M266.5M268.1M269.1M269.9M270.2M269.8M269.6M269.4M
Depreciation & amortization108.7M125.2M150.7M158.8M165.0M186.3M200.6M199.3M208.8M231.3M
EBITDA749.7M825.0M1.0B1.1B1.2B1.2B1.1B1.2B1.3B1.3B
Gross margin41.5%37.1%39.5%40.1%41.1%39.5%35.8%37.6%38.5%37.9%
Operating margin14.5%14.5%16.8%17.9%17.8%16.1%13.6%14.5%15.8%15.7%
Net margin10.7%9.9%17.6%13.1%13.3%12.0%10.7%10.2%11.7%11.5%
Revenue growth-+9.6%+9.7%+0.8%+4.7%+12.8%+0.5%+4.9%+0.9%+1.7%
EPS growth-+0.8%+88.2%-25.1%+6.1%+0.7%-10.0%0.0%+15.9%+0.3%

Balance sheet

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash118.4M186.8M96.6M155.4M423.6M351.7M334.0M166.6M186.1M95.9M
Receivables465.2M555.1M518.1M502.9M528.5M549.5M573.7M587.5M587.4M628.9M
Inventory756.3M793.3M786.3M801.2M1.0B1.2B1.3B1.1B1.2B1.3B
Current assets1.4B1.6B1.5B1.6B2.1B2.2B2.4B2.0B2.1B2.1B
Property & equipment669.4M809.1M941.5M952.6M1.0B1.1B1.2B1.3B1.4B1.4B
Goodwill1.8B4.5B4.5B4.5B5.0B5.3B5.2B5.3B5.2B5.3B
Total assets4.6B10.4B10.3B10.4B12.1B12.9B13.1B12.9B13.1B13.2B
Current liabilities1.4B1.9B2.0B2.2B3.0B3.2B3.4B3.1B2.9B3.1B
Total debt1.4B5.0B4.6B4.3B4.9B5.3B5.1B4.4B4.3B4.0B
Total liabilities3.0B7.8B7.1B6.9B8.1B8.5B8.4B7.8B7.8B7.4B
Shareholders' equity1.6B2.6B3.2B3.4B3.9B4.4B4.7B5.1B5.3B5.7B
Retained earnings1.1B1.2B1.8B2.1B2.4B2.8B3.0B3.2B3.5B3.8B

Cash flow

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow658.1M815.3M821.2M946.8M1.0B828.3M651.5M1.2B921.9M962.2M
Capital spending153.8M182.4M169.1M173.7M225.3M278.0M262.0M263.9M274.9M221.8M
Free cash flow504.3M632.9M652.1M773.1M816.0M550.3M389.5M973.4M647.0M740.4M
Stock-based pay (added back)25.6M23.9M25.6M37.2M46.0M66.6M60.3M63.4M47.4M46.2M
Dividends paid217.8M237.6M273.4M302.2M330.1M363.3M396.7M418.5M451.0M483.0M
Buybacks242.7M137.8M62.3M95.1M47.3M8.6M38.8M35.7M53.1M34.8M
Acquisitions120.6M4.3B4.2M0803.0M706.4M00034.1M
Debt raised6.0M4.0B25.9M0527.0M1.0B0496.4M495.5M2.7M
Debt repaid202.0M272.7M797.9M447.7M257.7M257.1M772.0M268.1M801.1M267.9M
Investing cash flow-267.1M-4.5B-158.5M-171.0M-1.0B-908.6M-146.4M-260.5M-269.0M-255.2M
Financing cash flow-371.5M3.8B-751.1M-725.8M220.9M22.0M-487.2M-1.2B-583.1M-840.9M
Dividend per share0.880.961.071.171.271.391.501.591.711.83

Stock-based pay and leases

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Stock-based pay (expense)25.6M23.9M25.6M37.2M46.0M66.6M60.3M63.4M47.4M46.2M
Stock-based pay / revenue0.6%0.5%0.5%0.7%0.8%1.1%0.9%1.0%0.7%0.7%
Operating lease cost----41.2M45.0M47.0M74.6M75.7M77.0M
Operating lease cash paid----41.5M45.4M41.4M64.5M66.8M68.3M
Finance lease principal paid----6.9M7.1M7.3M7.6M8.0M8.4M
Right-of-use assets---135.0M136.8M136.8M218.9M220.0M211.0M34.5M
Operating lease liabilities---140.0M140.8M140.4M230.5M233.2M222.3M35.6M
Finance lease liabilities----130.9M125.7M118.3M111.3M103.3M95.0M

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

Work on MKC in a spreadsheet: Excel workbook (a sheet per section, ten years by column, charts, links to the filings) · CSV. For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/MKC/export.csv") into a cell.