Logo

MKC

McCormick & Company, Incorporated

MKC

McCormick & Company, Incorporated • NYSE
$67.48 ▲ 0.27% (+0.18)
Market Cap $18.12 B
52w High $86.24
52w Low $63.15
Dividend Yield 1.92%
P/E 23.43
Volume 793.15K
Outstanding Shares 268.50M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $1.725B ▲ $356.4M ▼ $225.5M ▲ 13.073% ▲ $0.84 ▲ $359.3M ▲
Q2-2025 $1.659B ▲ $377M ▼ $175M ▲ 10.545% ▲ $0.65 ▲ $312.7M ▲
Q1-2025 $1.605B ▼ $378.8M ▼ $162.3M ▼ 10.109% ▼ $0.6 ▼ $288.8M ▼
Q4-2024 $1.798B ▲ $416M ▲ $215.2M ▼ 11.969% ▼ $0.8 ▼ $368.2M ▲
Q3-2024 $1.68B $363.4M $223.1M 13.281% $0.83 $354.3M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $94.9M ▼ $13.247B ▲ $7.463B ▼ $5.753B ▲
Q2-2025 $124.1M ▲ $13.19B ▲ $7.56B ▲ $5.601B ▲
Q1-2025 $102.8M ▼ $12.9B ▼ $7.45B ▼ $5.423B ▲
Q4-2024 $186.1M ▼ $13.07B ▼ $7.753B ▼ $5.291B ▼
Q3-2024 $200.8M $13.205B $7.754B $5.421B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $225.5M ▲ $258.8M ▲ $-67M ▲ $-235.4M ▼ $-29.2M ▼ $344.2M ▲
Q2-2025 $175M ▲ $45.9M ▼ $-68.1M ▼ $12.3M ▲ $21.3M ▲ $-2.4M ▼
Q1-2025 $162.3M ▼ $115.5M ▼ $-37.1M ▲ $-155.2M ▲ $-83.3M ▼ $78.4M ▼
Q4-2024 $215.2M ▼ $458.7M ▲ $-79.9M ▼ $-377.2M ▼ $-14.7M ▼ $373.1M ▲
Q3-2024 $223.1M $161.7M $-59M $-33.7M $34.5M $102.7M

Revenue by Products

Product Q3-2024Q4-2024Q1-2025Q2-2025
Consumer
Consumer
 $940.00M ▲$1.09Bn ▲$920.00M ▼$930.00M ▲
Flavor Solutions
Flavor Solutions
 $740.00M ▲$710.00M ▼$690.00M ▼$730.00M ▲

Five-Year Company Overview

Income Statement

Income Statement McCormick’s income statement shows a slow‑but‑steady growth story. Sales have generally trended upward over the past five years, with only a brief pause in the middle. Profitability dipped a couple of years ago, likely reflecting cost inflation and integration or restructuring pressures, but margins have since recovered and now sit slightly stronger than before. Earnings per share follow the same pattern: a soft patch in the middle of the period, then a return to record levels more recently. Overall, the business looks resilient, with stable demand and improving efficiency after a temporary squeeze on profits.

Balance Sheet

Balance Sheet The balance sheet looks solid and gradually strengthening. Total assets have stayed fairly stable, while shareholder equity has risen each year, suggesting the company is steadily building its capital base. Debt remains meaningful but is now lower than its recent peak, indicating some de‑leveraging over time. Cash on hand is relatively modest, so the company appears to rely more on ongoing cash generation and credit access than on large cash reserves. In broad terms, McCormick carries a manageable level of debt supported by a durable, asset‑light business.

Cash Flow

Cash Flow Cash generation has been consistently positive but somewhat uneven year to year. Operating cash flow dipped noticeably a couple of years ago, then rebounded strongly, and has since normalized to a healthy, though not peak, level. Free cash flow shows the same choppiness but has remained positive throughout, even after steady investment in capital projects. That pattern suggests a dependable underlying cash engine with occasional swings driven by working capital, costs, or timing, rather than structural weakness. The company appears to be balancing reinvestment needs with shareholder returns without stretching its finances.

Competitive Edge

Competitive Edge McCormick operates with a strong and durable competitive position in a very defensive corner of the consumer sector. Its brands in spices, seasonings, and sauces are household names with deep trust, which gives it strong shelf presence and some pricing power. On top of that, the company has a large business‑to‑business flavor segment, where long‑term relationships and co‑developed products make it hard for customers to switch suppliers. Its global footprint and scale help with sourcing, manufacturing efficiency, and distribution reach. Key competitive risks include ongoing pressure from private‑label seasonings, changing retailer dynamics, and the need to keep brands fresh with consumers, but the existing moat appears wide and well‑entrenched.

Innovation and R&D

Innovation and R&D Innovation is a clear focus and goes beyond traditional food R&D. McCormick is actively using artificial intelligence, in partnership with IBM, to mine decades of flavor and sensory data, helping it create new products faster and more precisely aligned with emerging tastes. Proprietary flavor encapsulation technologies strengthen performance in processed foods and snacks. The acquisition of FONA added more specialized flavor and taste‑modification know‑how, particularly for business customers. On the consumer side, the company is leaning into trends like global heat, convenient meal solutions, air‑fryer formats, and better‑for‑you options, while also experimenting with packaging improvements and digital tools across the supply chain. Overall, its R&D approach blends data science, culinary insight, and sustainability themes, which could support long‑term differentiation.

Summary

McCormick looks like a classic, resilient consumer defensive company that has successfully navigated a challenging inflationary period while continuing to invest for the future. Revenue and profits have resumed a gentle upward path after a mid‑cycle margin squeeze, the balance sheet is gradually strengthening as debt edges down and equity builds, and cash flows remain solid despite some year‑to‑year volatility. Its competitive advantages—iconic brands, global scale, strong customer relationships, and a focused flavor portfolio—are complemented by a surprisingly modern innovation engine built on AI, proprietary technologies, and trend‑driven product development. Key watchpoints include managing input costs, keeping pace with changing consumer preferences, and maintaining brand strength in the face of private‑label competition, but the overall profile is one of stability with measured, innovation‑led growth potential.

NEWS

November 18, 2025 · 4:50 PM UTC

McCormick Announces Increase in Quarterly Dividend

Read more

October 7, 2025 · 6:30 AM UTC

McCORMICK REPORTS THIRD QUARTER PERFORMANCE, REAFFIRMS STRONG SALES GROWTH, AND UPDATES 2025 PROFITABILITY OUTLOOK

Read more

September 30, 2025 · 5:13 PM UTC

Stephenson Global Prize Awards $1 Million to Dr. Frank McCormick for Innovation in Pancreatic Cancer Research

Read more

September 30, 2025 · 4:45 PM UTC

McCormick Declares $0.45 Quarterly Dividend

Read more

September 9, 2025 · 4:40 PM UTC

McCormick & Company to Report 2025 Third Quarter Financial Results on October 7, 2025

Read more