McCormick & Company, Incorporated (MKC) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q4 26	$0.7	$0.8	+14.3%	—	—	—
Q3 26	$0.6	$0.66	+10.0%	—	—	—
Q2 26	$0.88	$0.86	-2.3%	—	—	—
Q1 26	$0.65	$0.69	+6.2%	—	—	—
Q4 25	$0.64	$0.6	-6.3%	—	—	—
Q3 25	$0.77	$0.8	+3.9%	—	—	—
Q2 25	$0.67	$0.83	+23.9%	—	—	—
Q1 25	$0.59	$0.69	+16.9%	—	—	—
Q4 24	$0.57	$0.63	+10.5%	—	—	—
Q3 24	$0.79	$0.85	+7.6%	—	—	—
Q2 24	$0.65	$0.65	0.0%	—	—	—
Q1 24	$0.57	$0.6	+5.3%	—	—	—
Q4 23	$0.5	$0.59	+18.0%	—	—	—
Q3 23	$0.87	$0.73	-16.1%	—	—	—
Q2 23	$0.65	$0.69	+6.2%	—	—	—
Q1 23	$0.65	$0.48	-26.2%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$2.94	—	—	$6.8B	—
FY24	—	$2.94	—	—	$6.7B	—
FY23	—	$2.54	—	—	$6.7B	—
FY22	—	$2.54	—	—	$6.4B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$4.4B	$4.7B	$5.3B	$5.3B	$5.6B	$6.3B	$6.4B	$6.7B	$6.7B	$6.8B
YoY change	+2.68%	+7.23%	+12.1%	+0.84%	+4.75%	+12.8%	+0.52%	+4.91%	+0.92%	+1.73%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	4.4B	4.7B	5.3B	5.3B	5.6B	6.3B	6.4B	6.7B	6.7B	6.8B
Cost of revenue	2.6B	2.9B	3.2B	3.2B	3.3B	3.8B	4.1B	4.2B	4.1B	4.2B
Gross profit	1.8B	1.8B	2.1B	2.1B	2.3B	2.5B	2.3B	2.5B	2.6B	2.6B
Gross margin	41.5%	37.9%	39.5%	40.1%	41.1%	39.5%	35.8%	37.6%	38.5%	37.9%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	1.2B	1B	1.2B	1.2B	1.3B	1.4B	1.4B	1.5B	1.5B	1.5B
Operating expenses	1.2B	1B	1.2B	1.2B	1.3B	1.4B	1.4B	1.5B	1.5B	1.5B
Operating income	656.7M	762.8M	929.9M	978.5M	1B	1.1B	917.4M	1B	1.1B	1.1B
Operating margin	14.9%	16.1%	17.5%	18.3%	18.2%	17.3%	14.4%	15.4%	15.9%	16%
Non-operating income, net	-11.5M	-56.9M	-21.1M	-4.2M	-9.5M	-67.4M	26.7M	-53.9M	-8M	-22.8M
Pretax income	589.2M	594.8M	741.3M	819.2M	881.5M	895.8M	812.8M	798.7M	898.3M	913M
Income tax	153M	151.3M	-157.3M	157.4M	174.9M	192.7M	168.6M	174.5M	184M	195.8M
Net income	472.3M	477.4M	933.4M	702.7M	747.4M	755.3M	682M	680.6M	788.5M	789.4M
Net margin	10.7%	10.1%	17.6%	13.1%	13.3%	12%	10.7%	10.2%	11.7%	11.5%
EBITDA	769.6M	878.7M	1.1B	1.2B	1.2B	1.3B	1.2B	1.3B	1.3B	1.4B
EPS	1.86	1.89	3.55	2.65	2.8	2.83	2.54	2.54	2.94	2.94
Diluted EPS	1.84	1.86	3.5	2.62	2.78	2.8	2.52	2.52	2.92	2.93

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	1.7B	1.8B	1.6B	1.6B	1.7B	1.8B	1.6B	1.7B	1.7B	1.9B	1.9B	1.9B
Cost of revenue	1.1B	1.1B	1B	1B	1B	1.1B	1B	1B	1.1B	1.1B	1.2B	1.2B
Gross profit	622.8M	701.3M	599.3M	619.6M	649.9M	722.2M	604M	622.8M	645.1M	720.3M	708.9M	778.2M
Gross margin	37%	40%	37.4%	37.7%	38.7%	40.2%	37.6%	37.5%	37.4%	38.9%	37.8%	40.2%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	371.7M	398M	361.6M	383.7M	361.5M	414.4M	378.8M	364.2M	352.5M	404.8M	456.3M	441.8M
Operating expenses	371.7M	398M	361.6M	383.7M	361.5M	414.4M	378.8M	364.2M	352.5M	404.8M	456.3M	441.8M
Operating income	251.1M	303.3M	237.7M	235.9M	288.4M	307.8M	225.2M	258.6M	292.6M	315.5M	252.6M	336.4M
Operating margin	14.9%	17.3%	14.8%	14.4%	17.2%	17.1%	14%	15.6%	17%	17.1%	13.5%	17.4%
Non-operating income, net	1M	-3.1M	6.9M	10.6M	11.3M	-36.8M	9.8M	-3M	5.5M	-35.1M	-20.3M	-53.5M
Pretax income	199.4M	257.7M	194.3M	193.6M	246.2M	264.2M	186.5M	204.6M	247.9M	274M	185M	220.2M
Income tax	42.7M	57.1M	49.6M	26.2M	41M	67.2M	41.6M	49.3M	39.3M	65.6M	48.7M	63.5M
Net income	170.1M	219.3M	166M	184.2M	223.1M	215.2M	162.3M	175M	225.5M	226.6M	1B	160.2M
Net margin	10.1%	12.5%	10.4%	11.2%	13.3%	12%	10.1%	10.5%	13.1%	12.2%	54.6%	8.27%
EBITDA	312M	374.6M	294.6M	305.4M	356.2M	369.8M	288.8M	325.5M	363.2M	384.1M	320.4M	416.4M
EPS	0.63	0.82	0.62	0.69	0.83	0.8	0.6	0.65	0.84	—	3.78	0.56
Diluted EPS	0.63	0.81	0.62	0.68	0.83	0.8	0.6	0.65	0.84	—	3.77	0.56

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	11.5B	13B	19.7B	22.4B	24.9B	22.9B	22.8B	17.4B	21.1B	18.1B	13B
Enterprise value	12.9B	17.8B	24.3B	26.6B	29.5B	28B	27.8B	21.8B	25.4B	22.2B	18.1B
Shares outstanding	253.2M	253.6M	262.9M	265.2M	266.5M	267.3M	268.2M	268.4M	268.5M	268.5M	268.5M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	24.4	27.1	21.1	31.9	33.3	30.4	33.5	25.6	26.7	23	7.98
P/S	2.62	2.74	3.72	4.2	4.45	3.63	3.6	2.61	3.13	2.65	1.75
P/B	7.05	5.04	6.2	6.49	6.32	5.18	4.86	3.42	3.96	3.14	1.84
EV/EBITDA	16.7	20.3	22	22.9	24.6	21.6	23.9	17.2	19.1	16.3	12.4
EV/Sales	2.92	3.76	4.59	4.98	5.27	4.43	4.38	3.28	3.77	3.24	2.45
Earnings yield	4.09%	3.68%	4.73%	3.13%	3%	3.29%	2.99%	3.91%	3.75%	4.36%	12.5%
FCF yield	4.37%	4.88%	3.31%	3.44%	3.28%	2.4%	1.7%	5.59%	3.07%	4.09%	5.48%
PEG	—	—	—	—	—	—	—	—	—	—	-0.58

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	41.5%	37.9%	39.5%	40.1%	41.1%	39.5%	35.8%	37.6%	38.5%	37.9%	40.2%
Operating margin	14.9%	16.1%	17.5%	18.3%	18.2%	17.3%	14.4%	15.4%	15.9%	16%	17.4%
Net margin	10.7%	10.1%	17.6%	13.1%	13.3%	12%	10.7%	10.2%	11.7%	11.5%	21.9%
ROE	28.8%	18.6%	29.3%	20.3%	19%	17.1%	14.5%	13.4%	14.8%	13.7%	24.7%
ROA	10.2%	4.6%	9.1%	6.78%	6.18%	5.85%	5.2%	5.29%	6.03%	5.98%	5.14%
ROIC	16.4%	7.67%	11.9%	10.4%	9.58%	9.05%	7.5%	8.42%	8.83%	8.72%	7.53%
Return on tangible assets	194.1%	-10.1%	-20.1%	-15.6%	-16.3%	-15.2%	-15.5%	-14.5%	-18%	-17.9%	-27.3%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1	0.83	0.74	0.72	0.68	0.68	0.7	0.65	0.74	0.7	0.78
Quick ratio	0.47	0.42	0.35	0.35	0.34	0.31	0.3	0.28	0.31	0.28	0.39
Debt / equity	0.88	1.96	1.48	1.25	1.27	1.22	1.13	0.9	0.85	0.72	0.65
Debt / assets	0.31	0.48	0.46	0.42	0.41	0.42	0.41	0.36	0.34	0.32	0.3
Net debt / EBITDA	1.73	5.51	4.16	3.58	3.82	3.89	4.28	3.49	3.26	2.99	3.1
Interest coverage	11.5	7.22	5.25	5.96	7.5	7.56	6.45	4.84	5.29	5.65	5.49
Effective tax rate	26%	25.4%	0%	19.2%	19.8%	21.5%	20.7%	21.8%	20.5%	21.4%	23.4%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	17.4	18.7	20.2	20.2	21	23.6	23.7	24.8	25	25.5	27.5
EPS (basic)	1.86	1.89	3.55	2.65	2.8	2.83	2.54	2.54	2.94	2.94	2.94
EPS (diluted)	1.84	1.86	3.5	2.62	2.78	2.8	2.52	2.52	2.92	2.93	6.01
Book value per share	6.47	10.1	12.1	13	14.8	16.6	17.5	18.9	19.8	21.5	26
FCF per share	1.99	2.5	2.48	2.92	3.06	2.06	1.45	3.63	2.41	2.76	3.79
Cash per share	0.47	0.74	0.37	0.59	1.59	1.32	1.25	0.62	0.69	0.36	1.23
Capex per share	0.01	0	0.05	—	—	—	—	—	—	0.83	0.79

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	0.04%	0.02%	0.23%	—	—	—	—	—	—	3.24%	2.86%
Capex / operating cash flow	0.26%	0.13%	1.47%	—	—	—	—	—	—	23.1%	17.2%
Payout ratio	46.1%	49.8%	29.3%	43%	44.2%	48.1%	58.2%	61.5%	57.2%	61.2%	30.9%
Dividend yield	1.89%	1.83%	1.39%	1.35%	1.32%	1.58%	1.74%	2.41%	2.14%	2.67%	3.96%

Yield

3.96%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.48

ex-dividend Jul 6, 2026

Payout ratio

31%

of earnings

Dividend growth

16 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Jul 6, 2026	$0.48
Apr 20, 2026	$0.48
Dec 29, 2025	$0.48

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$1.7B	$1.8B	$1.6B	$1.6B	$1.7B	$1.8B	$1.6B	$1.7B	$1.7B	$1.9B	$1.9B	$1.9B
YoY change	+5.58%	+3.37%	+2.38%	-0.96%	-0.29%	+2.58%	+0.17%	+0.99%	+2.68%	+2.91%	+16.7%	+16.7%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	118.4M	186.8M	96.6M	155.4M	423.6M	351.7M	334M	166.6M	186.1M	95.9M
Receivables	465.2M	555.1M	518.1M	502.9M	528.5M	549.5M	573.7M	587.5M	587.4M	628.9M
Inventory	756.3M	793.3M	786.3M	801.2M	1B	1.2B	1.3B	1.1B	1.2B	1.3B
Total current assets	1.4B	1.6B	1.5B	1.6B	2.1B	2.2B	2.4B	2B	2.1B	2.1B
Property, plant & equipment	266.5M	320.8M	315.3M	294.1M	467M	582.4M	678.1M	723.8M	788.2M	740.5M
Goodwill & intangibles	4.4B	15.1B	14.9B	14.9B	16.7B	17.9B	17.5B	17.6B	17.5B	17.6B
Total assets	4.6B	10.4B	10.3B	10.4B	12.1B	12.9B	13.1B	12.9B	13.1B	13.2B
Accounts payable	450.8M	639.9M	710M	846.9M	1B	1.1B	1.2B	1.1B	1.2B	1.3B
Short-term debt	393.2M	583.2M	643.5M	698.4M	1.2B	1.3B	1.5B	1.1B	748.3M	890.5M
Total current liabilities	1.4B	1.9B	2B	2.2B	3B	3.2B	3.4B	3.1B	2.9B	3.1B
Long-term debt	1.1B	4.4B	4.1B	3.6B	3.9B	4.1B	3.8B	3.5B	3.8B	3.3B
Total liabilities	3B	7.8B	7.1B	6.9B	8.1B	8.5B	8.4B	7.8B	7.8B	7.4B
Shareholders' equity	1.6B	2.6B	3.2B	3.5B	3.9B	4.4B	4.7B	5.1B	5.3B	5.8B
Total debt	1.4B	5B	4.7B	4.3B	5B	5.4B	5.3B	4.6B	4.5B	4.2B
Net debt	1.3B	4.8B	4.6B	4.2B	4.6B	5B	5B	4.4B	4.3B	4.1B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	154.7M	166.6M	178M	166.3M	200.8M	186.1M	102.8M	124.1M	94.9M	95.9M	177.7M	331.2M
Receivables	624.5M	587.5M	567.5M	598.5M	660.9M	587.4M	516.9M	584.5M	668.7M	628.9M	829.2M	709.4M
Inventory	1.2B	1.1B	1.1B	1.2B	1.2B	1.2B	1.2B	1.3B	1.3B	1.3B	1.4B	1.4B
Total current assets	2.1B	2B	2B	2.1B	2.2B	2.1B	2B	2.2B	2.2B	2.1B	2.6B	2.8B
Property, plant & equipment	—	723.8M	—	—	—	788.2M	—	—	—	740.5M	—	—
Goodwill & intangibles	17.2B	17.6B	17.2B	17.2B	17.2B	17.5B	17B	17.2B	17.2B	17.6B	22.6B	22.5B
Total assets	13B	12.9B	12.9B	13B	13.2B	13.1B	12.9B	13.2B	13.2B	13.2B	16.3B	16.5B
Accounts payable	1.1B	1.1B	1.1B	1.2B	1.2B	1.2B	1.2B	1.2B	1.2B	1.3B	1.4B	1.5B
Short-term debt	1.4B	1.1B	1.1B	1.1B	1.2B	748.3M	1.2B	1.4B	1.3B	890.5M	1.3B	1.3B
Total current liabilities	3.2B	3.1B	3B	3B	3.1B	2.9B	3.1B	3.2B	3.1B	3.1B	3.4B	3.6B
Long-term debt	3.4B	3.5B	3.3B	3.3B	3.3B	3.8B	3.1B	3.1B	3.1B	3.3B	3.6B	3.6B
Total liabilities	7.9B	7.8B	7.6B	7.6B	7.8B	7.8B	7.5B	7.6B	7.5B	7.4B	8.8B	8.9B
Shareholders' equity	5.1B	5.1B	5.3B	5.4B	5.5B	5.3B	5.4B	5.6B	5.8B	5.8B	7.6B	7.6B
Total debt	4.8B	4.6B	4.5B	4.5B	4.6B	4.5B	4.3B	4.5B	4.4B	4.2B	4.9B	4.9B
Net debt	4.6B	4.4B	4.3B	4.3B	4.4B	4.3B	4.2B	4.3B	4.3B	4.1B	4.7B	4.6B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	472.3M	477.4M	933.4M	702.7M	747.4M	755.3M	682M	680.6M	788.5M	789.4M
Depreciation & amortization	108.7M	125.2M	150.7M	158.8M	165M	186.3M	200.6M	199.3M	208.8M	231.3M
Stock-based compensation	25.6M	23.9M	25.6M	37.2M	46M	66.6M	60.3M	63.4M	47.4M	46.2M
Change in working capital	81.5M	136.6M	-9.2M	38M	102.6M	-222.8M	-255.7M	269.3M	-83M	-83.8M
Operating cash flow	655.3M	827.2M	834.2M	957.6M	1B	827.7M	709M	1.2B	931.4M	962.2M
Capital expenditure	1.7M	1.1M	12.3M	—	—	—	—	—	—	-221.8M
Investing cash flow	-113.3M	-4.3B	22.9M	2.7M	-800.3M	-630.6M	102M	3.4M	5.9M	-255.2M
Dividends paid	-217.8M	-237.6M	-273.4M	-302.2M	-330.1M	-363.3M	-396.7M	-418.5M	-451M	-483M
Share repurchases	-242.7M	-137.8M	-62.3M	-95.1M	-47.3M	-8.6M	-38.8M	-35.7M	-53.1M	-34.8M
Financing cash flow	-408.3M	3.7B	-829.3M	-816.7M	164.3M	8.5M	-528.6M	-1.2B	-600.6M	-861.8M
Net change in cash	133.7M	228.9M	27.8M	143.6M	413.8M	205.6M	282.4M	9.8M	336.7M	-154.8M
Free cash flow	504.3M	632.9M	652.1M	773.1M	816M	550.3M	389.5M	973.4M	647M	740.4M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	170.1M	219.3M	166M	184.2M	223.1M	215.2M	162.3M	173.9M	223.4M	226.6M	1B	160.2M
Depreciation & amortization	53.8M	48.9M	45.8M	57.1M	54.6M	51.3M	53.8M	57.1M	61.2M	59.2M	63M	73.5M
Stock-based compensation	12.6M	12.3M	11.7M	19.4M	8.8M	7.5M	20M	9.6M	7.7M	8.9M	20.7M	8.6M
Change in working capital	24.7M	284.8M	-90.2M	-73.6M	-109.9M	187.9M	-102.3M	-187.5M	-31.8M	237.8M	-190.5M	144.2M
Operating cash flow	264.1M	565.3M	133.3M	162.1M	167.2M	468.8M	124.6M	50.2M	258.8M	542M	50.9M	379.8M
Capital expenditure	—	—	—	—	—	—	—	—	-52.7M	-83.7M	-32.5M	-42.7M
Investing cash flow	-100K	1M	200K	0	0	5.7M	—	-19.8M	-67M	-83.7M	-762.4M	-42.7M
Dividends paid	-104.6M	-104.7M	-112.7M	-112.8M	-112.8M	-112.7M	-120.7M	-120.8M	-120.7M	-120.8M	-128.9M	-129M
Share repurchases	-8.1M	-9M	-300K	-4.2M	-24.5M	-24.1M	-17.2M	-9.3M	-2.7M	-5.6M	-10.9M	-8.4M
Financing cash flow	-187.9M	-483.7M	-72.1M	-110.5M	-36.1M	-381.9M	-161.9M	5.7M	-237.2M	-468.4M	769.1M	-180M
Net change in cash	76.1M	82.6M	61.4M	51.6M	131.1M	92.6M	-37.3M	36.1M	-45.4M	-10.1M	57.6M	157.1M
Free cash flow	197.3M	500.5M	76.4M	94.8M	102.7M	373.1M	78.4M	-2.4M	206.1M	458.3M	18.4M	337.1M

Date	Ratio
Dec 1, 2020	2:1
Apr 9, 2002	2:1
Jan 21, 1992	2:1
Jan 22, 1990	2:1
Apr 28, 1988	2:1
Mar 22, 1977	2:1

McCormick & Company, Incorporated Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history