McCormick & Company (MKC) financial statements

Consumer Defensive · Packaged Foods · Market cap $12.5B

McCormick & Company reported revenue of $6.8B in fiscal 2025, up 5.0% a year over 9 years.

Net income was $789M and the operating margin 15.7%, against 14.5% in 2016.

Free cash flow was $740M, and the company returned $483M in dividends and $35M in net buybacks.

The diluted share count rose 5% over the period (dilution).

Revenue and free cash flow

Fiscal years, $ billions.

024682016201720182019202020212022202320242025RevenueFree cash flow
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Income statement

Fiscal years, from McCormick & Company's 10-K filings with the SEC.

Fiscal year2016201720182019202020212022202320242025
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
Research and development$61M$66M$69M$67M$69M$87M$88M$95M$103M$106M
Selling, general and admin$1.2B$1.0B$1.2B$1.2B$1.3B$1.4B$1.4B$1.5B$1.5B$1.5B
Operating income$641M$700M$891M$958M$1000M$1.0B$864M$963M$1.1B$1.1B
Interest expense$56M$96M$175M$165M$136M$137M$149M$208M$209M$196M
Pre-tax income$589M$595M$741M$819M$882M$896M$813M$799M$898M$913M
Income tax$153M$151M-$157M$157M$175M$193M$169M$174M$184M$196M
Net income$472M$477M$933M$703M$747M$755M$682M$681M$788M$789M
EPS (diluted)$1.84$1.86$3.50$2.62$2.78$2.80$2.52$2.52$2.92$2.93
Diluted shares256M257M266M268M269M270M270M270M270M269M
Gross margin41.5%37.9%39.5%40.1%41.1%39.5%35.8%37.6%38.5%37.9%
Operating margin14.5%14.8%16.8%17.9%17.8%16.1%13.6%14.5%15.8%15.7%
Net margin10.7%10.1%17.6%13.1%13.3%12.0%10.7%10.2%11.7%11.5%

Balance sheet

Fiscal years, from McCormick & Company's 10-K filings with the SEC.

Fiscal year2016201720182019202020212022202320242025
Cash and short-term investments$118M$187M$97M$155M$424M$352M$334M$167M$186M$96M
Receivables$465M$555M$518M$503M$528M$550M$574M$588M$587M$629M
Inventory$756M$793M$786M$801M$1.0B$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$2.0B$2.1B$2.1B
Property, plant and equipment$669M$809M$942M$953M$1.0B$1.1B$1.2B$1.3B$1.4B$1.4B
Goodwill$1.8B$4.5B$4.5B$4.5B$5.0B$5.3B$5.2B$5.3B$5.2B$5.3B
Total assets$4.6B$10.4B$10.3B$10.4B$12.1B$12.9B$13.1B$12.9B$13.1B$13.2B
Total current liabilities$1.4B$1.9B$2.0B$2.2B$3.0B$3.2B$3.4B$3.1B$2.9B$3.1B
Long-term debt$1.1B$4.4B$4.1B$3.6B$3.8B$4.0B$3.6B$3.3B$3.6B$3.1B
Total liabilities$3.0B$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$3.4B$3.9B$4.4B$4.7B$5.1B$5.3B$5.7B
Net debt$938M$4.6B$4.0B$3.6B$3.6B$4.4B$3.6B$4.0B$3.7B$3.5B

Cash flow

Fiscal years, from McCormick & Company's 10-K filings with the SEC.

Fiscal year2016201720182019202020212022202320242025
Operating cash flow$658M$815M$821M$947M$1.0B$828M$652M$1.2B$922M$962M
Capital spending$154M$182M$169M$174M$225M$278M$262M$264M$275M$222M
Free cash flow$504M$633M$652M$773M$816M$550M$390M$973M$647M$740M
Stock-based compensation$26M$24M$26M$37M$46M$67M$60M$63M$47M$46M
Dividends paid$218M$238M$273M$302M$330M$363M$397M$418M$451M$483M
Share buybacks (net)-$243M-$138M-$62M-$95M-$47M-$9M-$39M-$36M-$53M-$35M
Net borrowing$56M$3.6B-$466M-$407M$556M$398M-$74M-$736M-$94M-$367M
Free cash flow margin11.4%13.4%12.3%14.5%14.6%8.7%6.1%14.6%9.6%10.8%
Dividends per share$0.85$0.93$1.03$1.13$1.23$1.35$1.47$1.55$1.67$1.79
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Questions

What was McCormick & Company's revenue in 2025?

$6.8B in fiscal 2025, from its 10-K filing.

How much free cash flow does McCormick & Company generate?

$740M in fiscal 2025 (operating cash flow minus capital spending).

From McCormick & Company's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.