NYSE : MKC
McCormick & Company, Incorporated — Financial statements
Consumer Staples · Packaged Foods · United States
Last price 46.8 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 12.59B
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Financial statements
McCormick & Company, Incorporated (MKC) reported revenue of 7.69B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year December - November; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 7.69B | 6.84B | 6.72B | 6.66B | 6.35B | 6.32B |
| Cost of Revenue | 4.69B | 4.25B | 4.13B | 4.16B | 4.08B | 3.81B |
| Gross Profit | 2.99B | 2.59B | 2.59B | 2.50B | 2.27B | 2.51B |
| Selling, General & Admin | 1.63B | 1.39B | 1.41B | 1.37B | 1.26B | 1.31B |
| Research & Development | 106.10M | 106.10M | 102.90M | 94.90M | 87.50M | 87.30M |
| Operating Expenses | 1.73B | 1.50B | 1.51B | 1.47B | 1.35B | 1.40B |
| Operating Income | 1.26B | 1.10B | 1.08B | 1.03B | 927.00M | 1.11B |
| Interest Expense | -224.90M | -196.20M | -209.40M | -208.20M | -149.10M | -136.60M |
| Interest & Investment Income | 40.10M | 40.10M | 45.90M | 36.60M | 17.80M | 9.30M |
| Earnings From Equity Investments | 906.40M | 72.20M | 74.20M | 56.40M | 37.80M | 52.20M |
| Currency Exchange Gain (Loss) | -4.70M | -1.00M | -5.00M | -600.00K | 300.00K | 1.00M |
| Other Non Operating Income (Expenses) | -13.40M | -5.50M | -1.90M | -2.80M | 2.30M | 600.00K |
| EBT Excluding Unusual Items | 1.96B | 1.01B | 982.00M | 916.30M | 836.10M | 1.03B |
| Merger & Restructuring Charges | -200.10M | -19.90M | -2.70M | -34.40M | -53.80M | -86.40M |
| Gain (Loss) on Sale of Investments | 18.70M | |||||
| Gain (Loss) on Sale of Assets | 49.60M | |||||
| Other Unusual Items | 23.70M | -3.30M | -6.80M | -26.80M | ||
| Pretax Income | 1.74B | 985.20M | 972.50M | 855.10M | 850.60M | 948.00M |
| Income Tax Expense | 227.70M | 195.80M | 184.00M | 174.50M | 168.60M | 192.70M |
| Net Income | 1.49B | 789.40M | 788.50M | 680.60M | 682.00M | 755.30M |
| Net Income to Common | 1.49B | 789.40M | 788.50M | 680.60M | 682.00M | 755.30M |
| Shares Outstanding (Basic) | 268.95M | 268.50M | 268.50M | 268.40M | 268.20M | 267.30M |
| Shares Outstanding (Diluted) | 269.32M | 269.40M | 269.60M | 269.80M | 270.20M | 269.90M |
| EPS (Basic) | 5.54 | 2.94 | 2.94 | 2.54 | 2.54 | 2.83 |
| EPS (Diluted) | 5.53 | 2.93 | 2.92 | 2.52 | 2.52 | 2.80 |
| Free Cash Flow | 925.90M | 740.40M | 647.00M | 973.40M | 389.50M | 550.30M |
| Free Cash Flow Per Share | 3.44 | 2.75 | 2.40 | 3.61 | 1.44 | 2.04 |
| Dividend Per Share | 1.89 | 1.80 | 1.68 | 1.56 | 1.48 | 1.36 |
| Gross Margin | 38.91% | 37.93% | 38.54% | 37.56% | 35.82% | 39.66% |
| Operating Margin | 16.34% | 16.06% | 16.04% | 15.53% | 14.60% | 17.54% |
| Profit Margin | 19.39% | 11.54% | 11.73% | 10.22% | 10.74% | 11.96% |
| Free Cash Flow Margin | 12.05% | 10.82% | 9.62% | 14.61% | 6.13% | 8.71% |
| EBITDA | 1.50B | 1.31B | 1.27B | 1.21B | 1.10B | 1.28B |
| EBITDA Margin | 19.57% | 19.09% | 18.82% | 18.21% | 17.36% | 20.29% |
| D&A For EBITDA | 248.00M | 207.00M | 186.90M | 178.60M | 175.50M | 173.70M |
| EBIT | 1.26B | 1.10B | 1.08B | 1.03B | 927.00M | 1.11B |
| EBIT Margin | 16.34% | 16.06% | 16.04% | 15.53% | 14.60% | 17.54% |
| Effective Tax Rate | 13.08% | 19.87% | 18.92% | 20.41% | 19.82% | 20.33% |
| Advertising Expenses | 225.10M | 218.80M | 198.10M | 187.20M | 182.60M |
Balance sheet
Fiscal year December - November; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 331.10M | 95.90M | 186.10M | 166.60M | 334.00M | 351.70M |
| Cash & Short-Term Investments | 331.10M | 95.90M | 186.10M | 166.60M | 334.00M | 351.70M |
| Receivables | 831.50M | 628.90M | 587.40M | 587.50M | 573.70M | 549.50M |
| Inventory | 1.45B | 1.27B | 1.24B | 1.13B | 1.34B | 1.18B |
| Prepaid Expenses | 292.20M | 53.20M | 51.50M | 47.60M | 127.90M | 104.00M |
| Other Current Assets | 3.90M | 88.10M | 74.10M | 73.40M | 11.00M | 8.30M |
| Total Current Assets | 2.90B | 2.14B | 2.14B | 2.00B | 2.39B | 2.20B |
| Property, Plant & Equipment | 1.54B | 1.67B | 1.62B | 1.54B | 1.42B | 1.28B |
| Long-Term Investments | 300.70M | 282.70M | 264.10M | 283.00M | 301.30M | |
| Goodwill | 6.30B | 5.30B | 5.23B | 5.26B | 5.21B | 5.34B |
| Other Intangible Assets | 4.96B | 3.50B | 3.50B | 3.52B | 3.55B | 3.59B |
| Other Long-Term Assets | 945.30M | 292.90M | 299.10M | 275.20M | 276.90M | 202.20M |
| Total Assets | 16.65B | 13.20B | 13.07B | 12.86B | 13.12B | 12.91B |
| Accounts Payable | 1.48B | 1.26B | 1.24B | 1.12B | 1.17B | 1.06B |
| Accrued Expenses | 745.80M | 673.70M | 695.20M | 726.20M | 551.20M | 706.10M |
| Short-Term Debt | 1.34B | 381.40M | 483.10M | 272.20M | 1.24B | 539.10M |
| Current Portion of Long-Term Debt | 758.80M | 499.80M | 256.40M | 791.00M | 305.20M | 762.80M |
| Current Portion of Leases | 13.10M | 68.20M | 64.50M | 61.60M | 62.20M | 41.80M |
| Other Current Liabilities | 80.80M | 179.70M | 145.50M | 128.60M | 106.10M | 109.80M |
| Total Current Liabilities | 4.42B | 3.06B | 2.88B | 3.10B | 3.43B | 3.22B |
| Long-Term Debt | 2.85B | 3.02B | 3.50B | 3.24B | 3.53B | 3.86B |
| Long-Term Leases | 60.00M | 253.40M | 261.10M | 282.90M | 286.60M | 224.30M |
| Pension & Post-Retirement Benefits | 118.40M | 124.90M | 123.90M | 139.60M | 240.20M | |
| Long-Term Deferred Tax Liabilities | 1.32B | 835.80M | 840.50M | 861.20M | 866.30M | 792.30M |
| Other Long-Term Liabilities | 414.40M | 142.40M | 145.10M | 175.00M | 169.00M | 144.60M |
| Total Liabilities | 9.06B | 7.43B | 7.75B | 7.78B | 8.43B | 8.48B |
| Common Stock | 2.33B | 2.28B | 2.24B | 2.20B | 2.14B | 2.06B |
| Retained Earnings | 4.81B | 3.82B | 3.54B | 3.25B | 3.02B | 2.78B |
| Comprehensive Income & Other | -138.00M | -363.10M | -491.20M | -388.60M | -480.60M | -426.50M |
| Total Common Equity | 7.00B | 5.74B | 5.29B | 5.06B | 4.68B | 4.41B |
| Minority Interest | 583.80M | 31.60M | 25.80M | 22.80M | 18.70M | 14.50M |
| Shareholders' Equity | 7.59B | 5.77B | 5.32B | 5.08B | 4.70B | 4.43B |
| Total Liabilities & Equity | 16.65B | 13.20B | 13.07B | 12.86B | 13.12B | 12.91B |
| Total Debt | 5.02B | 4.22B | 4.56B | 4.64B | 5.42B | 5.42B |
| Net Cash (Debt) | -4.69B | -4.13B | -4.38B | -4.48B | -5.09B | -5.07B |
| Net Cash Per Share | -17.40 | -15.32 | -16.24 | -16.60 | -18.83 | -18.79 |
| Filing Date Shares Outstanding | 269.06M | 268.44M | 268.15M | 268.24M | 268.10M | 267.53M |
| Total Common Shares Outstanding | 269.06M | 268.40M | 268.00M | 268.10M | 268.00M | 267.30M |
| Working Capital | -1.52B | -924.10M | -743.80M | -1.10B | -1.05B | -1.03B |
| Book Value Per Share | 26.03 | 21.37 | 19.74 | 18.88 | 17.46 | 16.50 |
| Tangible Book Value | -4.26B | -3.07B | -3.43B | -3.72B | -4.08B | -4.52B |
| Tangible Book Value Per Share | -15.83 | -11.43 | -12.82 | -13.86 | -15.23 | -16.90 |
| Land | 98.60M | 94.10M | 93.30M | 90.10M | 95.10M | |
| Buildings | 925.10M | 835.80M | 820.90M | 738.80M | 694.70M | |
| Machinery | 1.75B | 1.57B | 1.44B | 1.27B | 1.20B | |
| Construction In Progress | 186.80M | 247.10M | 223.30M | 238.70M | 211.90M |
Cash flow statement
Fiscal year December - November; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 1.49B | 789.40M | 788.50M | 680.60M | 682.00M | 755.30M |
| Depreciation & Amortization | 248.00M | 207.00M | 186.90M | 178.60M | 175.50M | 173.70M |
| Other Amortization | 24.30M | 24.30M | 21.90M | 19.10M | 18.90M | 12.60M |
| Loss (Gain) From Sale of Assets | -2.10M | 1.40M | -63.70M | 200.00K | ||
| Asset Writedown & Restructuring Costs | 43.10M | 1.60M | 16.20M | 17.20M | ||
| Loss (Gain) on Equity Investments | -39.60M | -72.20M | -74.20M | -56.40M | -37.80M | -52.20M |
| Stock-Based Compensation | 43.40M | 46.20M | 47.40M | 63.40M | 60.30M | 66.60M |
| Other Operating Activities | 59.60M | 51.30M | 36.50M | 79.70M | 55.80M | 77.70M |
| Change in Accounts Receivable | 47.40M | -14.70M | -20.50M | 3.40M | -45.80M | -22.60M |
| Change in Inventory | 5.30M | 23.90M | -125.00M | 225.00M | -205.30M | -153.70M |
| Change in Accounts Payable | 53.90M | 1.20M | 135.10M | -68.10M | 125.30M | 34.90M |
| Change in Other Net Operating Assets | 31.70M | -94.20M | -72.60M | 109.00M | -129.90M | -81.40M |
| Operating Cash Flow | 1.14B | 962.20M | 921.90M | 1.24B | 651.50M | 828.30M |
| Capital Expenditures | -214.90M | -221.80M | -274.90M | -263.90M | -262.00M | -278.00M |
| Cash Acquisitions | -729.90M | -34.10M | -706.40M | |||
| Divestitures | 1.00M | 95.20M | ||||
| Sale (Purchase) of Intangibles | 13.60M | |||||
| Investment in Securities | 65.40M | |||||
| Other Investing Activities | 700.00K | 700.00K | 5.90M | 2.40M | 6.80M | 10.40M |
| Investing Cash Flow | -944.10M | -255.20M | -269.00M | -260.50M | -146.40M | -908.60M |
| Short-Term Debt Issued | 211.10M | 698.30M | ||||
| Long-Term Debt Issued | 2.70M | 495.50M | 496.40M | 1.00B | ||
| Total Debt Issued | 1.44B | 2.70M | 706.60M | 496.40M | 698.30M | 1.00B |
| Short-Term Debt Repaid | -101.40M | -964.60M | -346.70M | |||
| Long-Term Debt Repaid | -267.90M | -801.10M | -268.10M | -772.00M | -257.10M | |
| Total Debt Repaid | -860.30M | -369.30M | -801.10M | -1.23B | -772.00M | -603.80M |
| Net Debt Issued (Repaid) | 583.90M | -366.60M | -94.50M | -736.30M | -73.70M | 397.70M |
| Issuance of Common Stock | 29.70M | 20.90M | 17.50M | 16.60M | 41.40M | 13.50M |
| Repurchase of Common Stock | -28.40M | -48.00M | -62.10M | -46.50M | -58.20M | -24.00M |
| Common Dividends Paid | -507.80M | -483.00M | -451.00M | -418.50M | -396.70M | -363.30M |
| Other Financing Activities | -49.70M | 35.80M | 7.00M | 500.00K | -1.90M | |
| Financing Cash Flow | 27.70M | -840.90M | -583.10M | -1.18B | -487.20M | 22.00M |
| Foreign Exchange Rate Adjustments | 11.80M | 43.70M | -50.30M | 40.00M | -35.60M | -13.60M |
| Net Cash Flow | 236.20M | -90.20M | 19.50M | -167.40M | -17.70M | -71.90M |
| Free Cash Flow | 925.90M | 740.40M | 647.00M | 973.40M | 389.50M | 550.30M |
| Free Cash Flow Margin | 12.05% | 10.82% | 9.62% | 14.61% | 6.13% | 8.71% |
| Free Cash Flow Per Share | 3.44 | 2.75 | 2.40 | 3.61 | 1.44 | 2.04 |
| Levered Free Cash Flow | 742.00M | 564.52M | 511.10M | 877.39M | 232.09M | 419.36M |
| Unlevered Free Cash Flow | 882.56M | 687.15M | 641.98M | 1.01B | 325.27M | 504.74M |
| Cash Interest Paid | 192.80M | 192.80M | 210.10M | 203.60M | 148.80M | 135.70M |
| Cash Income Tax Paid | 239.60M | 239.60M | 221.00M | 118.30M | 192.40M | 179.30M |
| Change in Working Capital | 138.30M | -83.80M | -83.00M | 269.30M | -255.70M | -222.80M |
Ratios
Fiscal year December - November; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 12.72B | 18.11B | 21.03B | 17.39B | 22.83B | 22.96B |
| Enterprise Value | 17.41B | 22.40B | 25.48B | 22.09B | 27.89B | 28.18B |
| Last Close Price | 47.29 | 65.13 | 73.83 | 59.67 | 76.86 | 76.12 |
| PE Ratio | 8.55 | 22.94 | 26.67 | 25.55 | 33.47 | 30.39 |
| Forward PE | 15.30 | 21.62 | 26.29 | 23.32 | 30.00 | 28.91 |
| PS Ratio | 1.66 | 2.65 | 3.13 | 2.61 | 3.59 | 3.63 |
| PB Ratio | 1.82 | 3.14 | 3.96 | 3.42 | 4.86 | 5.19 |
| P/FCF Ratio | 13.74 | 24.46 | 32.50 | 17.86 | 58.60 | 41.72 |
| P/OCF Ratio | 11.15 | 18.82 | 22.81 | 14.05 | 35.03 | 27.71 |
| PEG Ratio | 2.93 | 4.64 | 3.67 | 3.08 | 14.43 | 5.21 |
| EV/Sales Ratio | 2.27 | 3.27 | 3.79 | 3.32 | 4.39 | 4.46 |
| EV/EBITDA Ratio | 11.58 | 17.16 | 20.14 | 18.20 | 25.30 | 21.99 |
| EV/EBIT Ratio | 13.86 | 20.39 | 23.63 | 21.34 | 30.09 | 25.44 |
| EV/FCF Ratio | 18.80 | 30.26 | 39.38 | 22.69 | 71.61 | 51.21 |
| Debt / Equity Ratio | 0.66 | 0.73 | 0.86 | 0.91 | 1.15 | 1.23 |
| Debt / EBITDA Ratio | 3.17 | 3.05 | 3.40 | 3.61 | 4.72 | 4.09 |
| Debt / FCF Ratio | 5.42 | 5.70 | 7.05 | 4.77 | 13.92 | 9.86 |
| Net Debt / Equity Ratio | 0.62 | 0.71 | 0.82 | 0.88 | 1.08 | 1.15 |
| Net Debt / EBITDA Ratio | 3.12 | 3.16 | 3.46 | 3.69 | 4.62 | 3.96 |
| Net Debt / FCF Ratio | 5.06 | 5.57 | 6.77 | 4.60 | 13.06 | 9.22 |
| Asset Turnover | 0.51 | 0.52 | 0.52 | 0.51 | 0.49 | 0.51 |
| Inventory Turnover | 3.39 | 3.38 | 3.49 | 3.37 | 3.23 | 3.44 |
| Quick Ratio | 0.26 | 0.24 | 0.27 | 0.24 | 0.26 | 0.28 |
| Current Ratio | 0.66 | 0.70 | 0.74 | 0.65 | 0.69 | 0.68 |
| Return on Equity (ROE) | 22.62% | 14.24% | 15.16% | 13.91% | 14.95% | 18.06% |
| Return on Assets (ROA) | 5.25% | 5.23% | 5.20% | 4.98% | 4.45% | 5.54% |
| Return on Invested Capital (ROIC) | 8.93% | 8.99% | 9.08% | 8.51% | 7.71% | 9.78% |
| Return on Capital Employed (ROCE) | 10.30% | 10.80% | 10.60% | 10.60% | 9.60% | 11.40% |
| Earnings Yield | 11.69% | 4.36% | 3.75% | 3.91% | 2.99% | 3.29% |
| FCF Yield | 7.28% | 4.09% | 3.08% | 5.60% | 1.71% | 2.40% |
| Dividend Yield | 4.06% | 2.67% | 2.14% | 2.40% | 1.74% | 1.58% |
| Payout Ratio | 34.72% | 61.19% | 57.20% | 61.49% | 58.17% | 48.10% |
| Buyback Yield / Dilution | 0.05% | 0.07% | 0.07% | 0.15% | -0.11% | -0.30% |
| Total Shareholder Return | 4.11% | 2.74% | 2.21% | 2.55% | 1.63% | 1.29% |