McCormick & Company, Incorporated

MKC · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Valuation
Market cap	$18,110	$21,042	$17,396	$22,846	$22,941	$49,983	$20,914	$18,266	$12,244	$10,448	$9,992	$9,602	$9,115	$8,567	$6,462	$5,848	$4,667	$3,718	$4,941	$5,117	$4,193	$4,981	$4,048	$3,314	$2,964	$2,560	$2,285	$2,439	$1,719	$1,927	$1,919	$1,543	$1,882	$2,290	$1,645	$920	$1,038	$620	$399	$517	$435
Enterprise value	$22,042	$25,390	$21,843	$27,856	$27,993	$54,581	$25,096	$22,877	$17,096	$11,788	$11,290	$10,827	$10,300	$9,677	$7,677	$6,686	$5,627	$4,918	$5,618	$5,723	$4,762	$5,580	$4,665	$3,855	$3,597	$3,248	$2,615	$2,835	$2,103	$2,305	$2,563	$2,134	$2,326	$2,636	$1,959	$1,189	$1,248	$845	$608	$667	$584
P/E (TTM) at period end	22.94×	26.69×	25.56×	33.50×	30.37×	66.88×	29.76×	19.57×	25.65×	22.12×	24.88×	21.93×	23.43×	21.01×	17.27×	15.80×	15.57×	14.53×	21.47×	25.31×	19.51×	23.22×	19.21×	18.43×	20.22×	18.62×	22.12×	23.49×	17.47×	45.99×	19.66×	25.25×	25.75×	24.06×	20.33×	13.26×	19.77×	17.08×	13.05×	17.41×	15.65×
P/S (TTM) at period end	2.65×	3.13×	2.61×	3.60×	3.63×	8.92×	3.91×	3.44×	2.53×	2.37×	2.33×	2.26×	2.21×	2.13×	1.75×	1.75×	1.46×	1.17×	1.69×	1.88×	1.62×	1.97×	1.78×	1.62×	1.53×	1.25×	1.14×	1.30×	0.95×	1.11×	1.03×	0.91×	1.21×	1.56×	1.15×	0.70×	0.83×	0.52×	0.37×	0.53×	0.50×
P/B at period end	3.16×	3.98×	3.44×	4.88×	5.20×	12.73×	6.07×	5.76×	4.78×	6.42×	5.98×	5.46×	4.72×	5.09×	4.03×	4.02×	3.50×	3.52×	4.55×	5.48×	5.24×	5.60×	5.36×	5.60×	6.40×	7.13×	5.98×	6.28×	4.37×	4.28×	3.70×	3.15×	4.03×	5.23×	4.23×	2.52×	3.00×	2.11×	1.43×	1.91×	1.67×
EV / EBITDA (TTM)	16.93×	20.01×	18.79×	26.18×	23.30×	46.87×	22.48×	21.96×	20.72×	15.72×	17.26×	15.34×	15.69×	14.21×	12.02×	11.05×	10.03×	10.64×	12.86×	16.17×	11.39×	13.79×	12.93×	12.21×	12.83×	11.35×	10.37×	11.82×	9.69×	10.71×	9.68×	8.17×	10.07×	12.49×	10.52×	7.26×	9.12×	–	–	–	–
EV / Sales (TTM)	3.22×	3.78×	3.28×	4.39×	4.43×	9.74×	4.69×	4.31×	3.54×	2.67×	2.63×	2.55×	2.50×	2.41×	2.08×	2.00×	1.76×	1.55×	1.93×	2.11×	1.84×	2.21×	2.06×	1.89×	1.86×	1.59×	1.30×	1.51×	1.17×	1.33×	1.38×	1.26×	1.49×	1.79×	1.37×	0.90×	1.00×	0.71×	0.56×	0.68×	0.67×
Returns
Return on equity	13.8%	14.9%	13.4%	14.6%	17.1%	19.0%	20.4%	29.4%	18.6%	29.0%	24.0%	24.9%	20.1%	24.2%	23.4%	25.5%	22.5%	24.2%	21.2%	21.7%	26.9%	24.1%	27.9%	30.4%	31.7%	38.3%	27.0%	26.7%	25.0%	9.3%	18.8%	12.5%	15.7%	21.7%	20.8%	19.0%	15.2%	12.3%	10.9%	10.9%	10.7%
Return on invested capital	8.7%	8.7%	7.9%	7.1%	8.4%	9.4%	10.1%	11.5%	7.0%	16.0%	13.6%	14.7%	12.9%	15.2%	13.6%	16.6%	13.8%	11.7%	14.3%	13.3%	17.3%	15.8%	15.2%	16.5%	14.1%	14.5%	17.3%	15.4%	14.0%	11.8%	11.1%	11.2%	12.3%	13.2%	13.5%	12.9%	11.8%	9.2%	8.1%	9.2%	9.0%
Dividend yield	2.7%	2.1%	2.4%	1.7%	1.6%	0.7%	1.4%	1.5%	1.9%	2.1%	2.1%	2.0%	2.0%	1.9%	2.3%	2.4%	2.7%	3.1%	2.1%	1.9%	2.1%	1.5%	1.6%	1.8%	1.9%	2.0%	2.1%	1.9%	2.6%	2.4%	2.2%	2.5%	1.9%	1.3%	1.4%	2.0%	1.4%	–	–	–	–
Financial health
Current ratio	0.70×	0.74×	0.65×	0.70×	0.68×	0.68×	0.72×	0.74×	0.83×	1.00×	1.10×	1.26×	1.29×	1.08×	1.23×	1.22×	1.19×	0.94×	1.14×	1.15×	1.14×	1.12×	1.07×	1.08×	0.89×	0.60×	1.04×	0.97×	1.02×	1.07×	1.04×	1.09×	1.37×	1.12×	1.24×	1.34×	1.74×	1.39×	1.35×	1.39×	1.31×
Debt / equity	0.63×	0.73×	0.82×	0.84×	1.08×	1.02×	1.08×	1.30×	1.86×	0.65×	0.75×	0.58×	0.53×	0.61×	0.65×	0.61×	0.67×	1.17×	0.67×	0.70×	0.71×	0.72×	0.82×	0.99×	1.44×	1.98×	0.89×	1.07×	1.01×	0.89×	1.26×	1.24×	0.98×	0.79×	0.82×	0.75×	0.75×	0.81×	0.77×	0.57×	0.58×
Effective tax rate	21.4%	20.5%	21.8%	20.7%	21.5%	19.8%	19.2%	(21.2%)	25.4%	26.0%	26.5%	26.3%	26.8%	26.6%	29.0%	25.5%	31.9%	29.8%	28.6%	24.2%	31.0%	29.3%	29.5%	28.5%	29.4%	32.6%	36.8%	34.6%	35.1%	35.5%	36.0%	38.9%	37.8%	38.3%	34.6%	35.7%	36.0%	39.0%	37.4%	42.0%	39.4%
Share count
Diluted shares outstanding	269	270	270	270	270	269	268	266	257	256	258	262	267	269	269	269	265	264	266	270	276	282	285	285	280	278	289	294	255	313	325	325	324	321	319	319	332	360	373	386	392

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Revenue and gross profit
Revenue	$7,686	$6,840	$6,724	$6,662	$6,350	$6,318	$5,601	$5,347	$5,303	$4,834	$4,412	$4,296	$4,243	$4,123	$4,014	$3,698	$3,337	$3,192	$3,177	$2,916	$2,716	$2,592	$2,526	$2,270	$2,045	$1,939	$2,042	$2,007	$1,881	$1,801	$1,732	$1,859	$1,695	$1,557	$1,471	$1,428	$1,323	$1,246	$1,184	$1,078	$976	$873
Cost of revenue	($4,683)	($4,248)	($4,133)	($4,160)	($4,076)	($3,823)	($3,301)	($3,202)	($3,210)	($2,824)	($2,580)	($2,559)	($2,513)	($2,458)	($2,396)	($2,175)	($1,919)	($1,865)	($1,888)	($1,724)	($1,602)	($1,555)	($1,518)	($1,371)	($1,245)	($1,202)	($1,330)	($1,232)	($1,177)	($1,123)	($1,064)	($1,148)	($1,004)	($903)	($844)	($846)	($802)	($771)	($1,078)	($678)	($605)	($536)
Gross profit	$3,002	$2,592	$2,591	$2,502	$2,274	$2,495	$2,300	$2,145	$2,093	$1,794	$1,832	$1,737	$1,730	$1,666	$1,618	$1,522	$1,418	$1,327	$1,288	$1,192	$1,115	$1,037	$1,008	$899	$800	$738	$712	$775	$704	$678	$668	$711	$691	$654	$628	$582	$521	$475	$106	$401	$370	$337
Operating expenses
Research and development	–	($106)	($103)	($95)	($88)	($87)	($69)	($67)	($69)	($66)	($61)	($61)	($62)	($61)	($58)	($58)	($53)	($49)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	($1,739)	($1,500)	($1,521)	($1,478)	($1,357)	($1,404)	($1,282)	($1,167)	($1,163)	($1,031)	($1,175)	($1,127)	($1,122)	($1,075)	($1,040)	($982)	($908)	($847)	($871)	($807)	($773)	($682)	($678)	($598)	($530)	($508)	($485)	($522)	($464)	($461)	($453)	($446)	($430)	($423)	($417)	($396)	($358)	($338)	–	($305)	($271)	($248)
Total operating expenses	($1,970)	($1,521)	($1,531)	($1,540)	($1,411)	($1,480)	($1,301)	($1,188)	($1,202)	($1,094)	($1,191)	($1,189)	($1,127)	($1,115)	($1,040)	($982)	($908)	($860)	($912)	($838)	($845)	($693)	($675)	($603)	($537)	($518)	($486)	($580)	($519)	($510)	($517)	($510)	($492)	($473)	($461)	($436)	($394)	($373)	($28)	($338)	($304)	($276)
Total costs and expenses	($6,654)	($5,770)	($5,663)	($5,699)	($5,487)	($5,303)	($4,602)	($4,390)	($4,412)	($4,134)	($3,770)	($3,748)	($3,640)	($3,573)	($3,436)	($3,157)	($2,827)	($2,725)	($2,800)	($2,562)	($2,447)	($2,248)	($2,194)	($1,974)	($1,782)	($1,720)	($1,817)	($1,812)	($1,696)	($1,633)	($1,581)	($1,658)	($1,496)	($1,376)	($1,304)	($1,282)	($1,196)	($1,144)	($1,106)	($1,015)	($909)	($812)
Operating income	$1,032	$1,071	$1,060	$963	$864	$1,015	$1,000	$958	$891	$700	$641	$548	$603	$550	$578	$540	$510	$467	$376	$354	$270	$344	$333	$296	$262	$220	$225	$195	$185	$168	$151	$201	$199	$180	$167	$146	$127	$102	$78	$63	$67	$61
Earnings
EBITDA	$1,304	$1,302	$1,269	$1,162	$1,064	$1,201	$1,164	$1,116	$1,042	$825	$750	$654	$706	$656	$681	$639	$605	$561	$462	$437	$354	$418	$405	$361	$316	$280	$286	$252	$240	$217	$215	$265	$261	$231	$211	$186	$164	$137	–	–	–	–
Interest income	–	$40	$46	$37	$18	$9	$8	$10	$7	$6	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Interest expense	($225)	($196)	($209)	($208)	($149)	($137)	($136)	($165)	($175)	($96)	($56)	($53)	($50)	($53)	($55)	($51)	($49)	($53)	($57)	($60)	($54)	($46)	($41)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Pre-tax income	$834	$913	$898	$799	$813	$896	$882	$819	$741	$595	$589	$496	$554	$499	$526	$491	$463	$416	$338	$322	$267	$312	$304	$283	$243	$194	$204	$163	$159	$150	$67	$149	$87	$160	$138	$124	$108	$82	$58	$49	$51	$46
Income tax expense	($228)	($196)	($184)	($174)	($169)	($193)	($175)	($157)	$157	($151)	($153)	($131)	($146)	($134)	($140)	($143)	($118)	($133)	($101)	($92)	($65)	($97)	($89)	($83)	($69)	($57)	($67)	($60)	($55)	($53)	($24)	($54)	($34)	($60)	($53)	($43)	($39)	($30)	($23)	($18)	($22)	($18)
Net income	$1,490	$789	$788	$681	$682	$755	$747	$703	$933	$477	$472	$402	$438	$389	$408	$374	$370	$300	$256	$230	$202	$215	$214	$211	$180	$147	$138	$103	$104	$98	$42	$98	$61	$73	$95	$81	$69	$52	$36	$31	$30	$28
Per share
Diluted EPS (GAAP)	$5.53	$2.93	$2.92	$2.52	$2.52	$2.80	$2.78	$2.62	$3.50	$1.86	$1.84	$1.55	$1.67	$1.46	$1.52	$1.40	$1.38	$1.14	$0.97	$0.86	$0.75	$0.78	$0.76	$0.74	$0.63	$0.52	$0.49	$0.36	$0.35	$0.39	$0.13	$0.30	$0.19	$0.23	$0.30	$0.25	$0.22	$0.16	$0.10	$0.082	$0.077	$0.0709
Basic EPS (GAAP)	$5.55	$2.94	$2.94	$2.54	$2.54	$2.83	$2.80	$2.65	$3.55	$1.89	$1.86	$1.57	$1.69	$1.47	$1.53	$1.41	$1.40	$1.15	$0.99	$0.89	$0.77	$0.80	$0.78	$0.76	$0.64	$0.53	$0.50	$0.36	$0.36	$0.39	$0.13	$0.30	$0.19	$0.23	$0.30	$0.25	$0.22	$0.16	$0.10	$0.082	$0.077	$0.0709
Basic shares outstanding	269	268	268	268	268	267	266	265	263	254	253	256	260	264	265	265	266	262	258	259	264	269	273	279	279	276	275	285	292	255	313	325	325	324	321	319	319	332	360	373	386	392
Margins
Gross margin	39.1%	37.9%	38.5%	37.6%	35.8%	39.5%	41.1%	40.1%	39.5%	37.1%	41.5%	40.4%	40.8%	40.4%	40.3%	41.2%	42.5%	41.6%	40.6%	40.9%	41.0%	40.0%	39.9%	39.6%	39.1%	38.0%	34.8%	38.6%	37.4%	37.6%	38.6%	38.2%	40.8%	42.0%	42.7%	40.8%	39.4%	38.1%	8.9%	37.2%	38.0%	38.6%
Operating margin	13.4%	15.7%	15.8%	14.5%	13.6%	16.1%	17.8%	17.9%	16.8%	14.5%	14.5%	12.8%	14.2%	13.4%	14.4%	14.6%	15.3%	14.6%	11.9%	12.1%	9.9%	13.3%	13.2%	13.0%	12.8%	11.3%	11.0%	9.7%	9.8%	9.3%	8.7%	10.8%	11.7%	11.6%	11.4%	10.2%	9.6%	8.2%	6.6%	5.9%	6.9%	6.9%
Net margin	19.4%	11.5%	11.7%	10.2%	10.7%	12.0%	13.3%	13.1%	17.6%	9.9%	10.7%	9.3%	10.3%	9.4%	10.2%	10.1%	11.1%	9.4%	8.1%	7.9%	7.4%	8.3%	8.5%	9.3%	8.8%	7.6%	6.7%	5.1%	5.5%	5.5%	2.4%	5.3%	3.6%	4.7%	6.5%	5.7%	5.2%	4.2%	3.1%	2.8%	3.0%	3.2%

Analyst consensus

Hold30 analysts

Bearish · 2 · Hold · 18 · Bullish · 10

Earnings history

	EPS	Estimate
Q4 2024	$0.80	$0.77	Beat
Q1 2025	$0.60	$0.64	Miss
Q2 2025	$0.69	$0.65	Beat
Q3 2025	$0.85	$0.83	Beat
Q4 2025	$0.86	$0.88	Miss
Q1 2026	$0.66	$0.59	Beat
Q2 2026	$0.80	$0.69	Beat
Q3 2026	$0.86	$0.76	Beat

Peers

Company overview

IPO dateApr 26, 1999

CEOBrendan Foley

Employees14,100

SectorConsumer Defensive

IndustryPackaged Foods

CountryUS

ExchangeNew York Stock Exchange

Websitewww.mccormickcorporation.com

McCormick & Company, Incorporated is a global leader in the manufacture, marketing, and distribution of a wide array of flavorful products, including spices, seasoning mixes, and condiments, to the food industry. Its operations are divided into two primary segments: Consumer and Flavor Solutions. The Consumer segment provides an extensive range of items such as spices, herbs, seasonings, sauces, and desserts. These are sold under numerous prominent brands across various regions: McCormick, French's, Frank's RedHot, Lawry's Cholula Hot Sauce, Gourmet Garden, Club House, and OLD BAY in the Americas; Ducros, Schwartz, Kamis, Drogheria & Alimentari, and Vahiné throughout Europe, the Middle East, and Africa (EMEA); McCormick and DaQiao in China; and McCormick, Aeroplane, and Gourmet Garden in Australia. In addition, it offers specialized regional and ethnic brands like Zatarain's, Stubb's, Thai Kitchen, and Simply Asia, and also produces goods for private labels. Its customer base encompasses a broad spectrum of retailers, including grocery stores, mass merchandisers, warehouse clubs, discount and drug stores, and e-commerce platforms. Distribution to these outlets occurs both directly and indirectly via distributors and wholesale foodservice providers. The Flavor Solutions segment caters to large-scale food manufacturers and the wider foodservice industry. It supplies essential ingredients such as seasoning blends, spices, herbs, condiments, coating systems, and complex flavor formulations. These products are delivered directly to clients or through a network of distributors. Founded in 1889, the company maintains its headquarters in Hunt Valley, Maryland.

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