MCCORMICK & CO INC

Listed Company

MKCCIK 0000063754NYSELarge AcceleratedMiscellaneous Food Preparations & Kindred ProductsMarylandFY ends Nov 30

Period

FY 2025

Revenue

$6.84B

Net Income

$789.40M

Total Assets

$13.20B

Equity

$5.74B

Shares Out

—

Op. Cash Flow

$962.20M

Business

McCormick & Co Inc is a global leader in flavor that manufactures, markets, and distributes spices, seasoning mixes, condiments, and other flavorful products for retailers, food manufacturers, and foodservice customers. It offers branded and private-label spices, seasonings, condiments, sauces, dessert items, packaged chilled herbs, and customized flavor solutions including seasoning blends, coating systems, and compound flavors. The company operates two business segments: Consumer (branded and private‑label retail and some foodservice) and Flavor Solutions (customized ingredient solutions for food manufacturers and foodservice). McCormick sells and produces primarily across North America, Europe, China, and additional operations in APAC, Australia, Central America, Thailand, and South Africa.

Summary from filing dated 2025-01-23

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-11-30	FY 2024 2024-11-30	FY 2023 2023-11-30	FY 2022 2022-11-30	FY 2021 2021-11-30
Net sales	6,840	6,724	6,662	6,351	6,318
Cost of goods sold	4,248	4,133	4,160	4,076	3,823
Gross profit	2,592	2,591	2,503	2,275	2,495
Selling, general and administrative expense	1,500	1,521	1,478	1,357	1,404
Special charges	21	10	61	52	46
Operating income	1,071	1,060	963	864	1,015
Interest expense	196	209	208	149	137
Other income, net	38	47	44	98	17
Income from consolidated operations before income taxes	913	898	799	813	896
Income tax expense	196	184	175	169	193
Net income from consolidated operations	717	714	624	644	703
Income from unconsolidated operations	72	74	56	38	52
Net income	789	789	681	682	755
Earnings per sharebasic (usd per share)	2.94	2.94	2.54	2.54	2.83
Earnings per sharediluted (usd per share)	2.93	2.92	2.52	2.52	2.8

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-11-30	FY 2024 2024-11-30	FY 2023 2023-11-30	FY 2022 2022-11-30	FY 2021 2021-11-30
Cash and cash equivalents	96	186	167	334	352
Trade accounts receivable, net of allowances	629	587	588	574	550
Inventories	1,272	1,240	1,127	1,340	1,182
Prepaid expenses and other current assets	141	126	121	139	112
Total current assets	2,138	2,139	2,002	2,387	2,196
Property, plant and equipment, net	1,449	1,413	1,325	1,198	1,140
Goodwill	5,301	5,228	5,260	5,213	5,336
Intangible assets, net	3,293	3,319	3,357	3,388	3,453
Other long-term assets	1,019	972	919	939	781
Total assets	13,200	13,070	12,862	13,125	12,906
Short-term borrowings	381	483	272	1,237	539
Current portion of long-term debt	509	265	799	271	770
Trade accounts payable	1,259	1,238	1,119	1,171	1,064
Other accrued liabilities	912	896	908	754	850
Total current liabilities	3,062	2,883	3,099	3,432	3,224
Long-term debt	3,106	3,594	3,340	3,642	3,973
Deferred taxes	836	841	861	866	792
Other long-term liabilities	429	437	479	485	491
Total liabilities	7,432	7,754	7,779	8,426	8,480
Retained earnings	3,816	3,545	3,250	3,023	2,782
Accumulated other comprehensive loss	−363	−491	−389	−481	−427
Stockholders' Equity Attributable to Parent	5,737	5,291	5,061	4,681	4,411
Non-controlling interests	32	26	23	19	15
Total shareholders equity	5,768	5,317	5,084	4,699	4,426
Total liabilities and shareholders equity	13,200	13,070	12,862	13,125	12,906

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-11-30	FY 2024 2024-11-30	FY 2023 2023-11-30	FY 2022 2022-11-30	FY 2021 2021-11-30
Depreciation and amortization	231	209	199	201	186
Stock-based compensation	46	47	63	60	67
Loss on the sale of a business	0	0	1	−63	0
(Gain) loss on sale of assets	0	−2	200,000	−500,000	200,000
Deferred income tax benefit	−7	−30	−5	22	36
Trade accounts receivable	−15	−21	3	−46	−23
Inventories	24	−125	225	−205	−154
Trade accounts payable	1	135	−68	125	35
Other assets and liabilities	−94	−73	109	−130	−81
Dividends received from unconsolidated affiliates	58	67	85	34	35
Net cash flow provided by operating activities	962	922	1,237	652	828
Acquisition of business	−34	0	0	0	−706
Proceeds from sale of business	0	0	1	95	0
Capital expenditures (including software)	−222	−275	−264	−262	−278
Other investing activities	700,000	6	2	7	10
Net cash flow used in investing activities	−255	−269	−261	−146	−909
Short-term borrowings (repayments), net	−101	211	−965	698	−347
Long-term debt borrowings	3	496	496	0	1,002
Payment of debt issuance costs	0	−1	−1	0	−2
Long-term debt repayments	−268	−801	−268	−772	−257
Proceeds from exercised stock options	21	18	17	41	14
Taxes withheld and paid on employee stock awards	−13	−9	−11	−19	−15
Common stock acquired by purchase	−35	−53	−36	−39	−9
Dividends paid	−483	−451	−419	−397	−363
Other financing activities	36	8	2	0	0
Net cash flow used in financing activities	−841	−583	−1,184	−487	22
Effect of exchange rate changes on cash and cash equivalents	44	−50	40	−36	−14
Increase (decrease) in cash and cash equivalents	−90	20	−167	−18	−72

Filings

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