Mccormick &
MKC · NYSEMiscellaneous Food Preparations & Kindred Products · Fiscal year ends Nov 30
Mccormick & reported revenue of $6.8B in the fiscal year ended Nov 2025, up 1.7% from the year before. Operating income was $1.1B, an operating margin of 15.7%, and net income was $789M. Operating cash flow of $962M less capital expenditure of $222M left free cash flow of $740M. Net debt was $3.5B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Nov 2021 | Nov 2022 | Nov 2023 | Nov 2024 | Nov 2025 |
|---|---|---|---|---|---|
| Revenue | $6.3B | $6.4B | $6.7B | $6.7B | $6.8B |
| Cost of revenue | $3.8B | $4.1B | $4.2B | $4.1B | $4.2B |
| Gross profit | $2.5B | $2.3B | $2.5B | $2.6B | $2.6B |
| Research & development | $87M | $88M | $95M | $103M | $106M |
| Selling, general & admin | $1.4B | $1.4B | $1.5B | $1.5B | $1.5B |
| Operating income | $1B | $864M | $963M | $1.1B | $1.1B |
| Interest expense | $137M | $149M | $208M | $209M | $196M |
| Pre-tax income | $896M | $813M | $799M | $898M | $913M |
| Income tax | $193M | $169M | $175M | $184M | $196M |
| Net income | $755M | $682M | $681M | $789M | $789M |
| Diluted EPS | 2.80 | 2.52 | 2.52 | 2.92 | 2.93 |
| Diluted shares | 270M | 270M | 270M | 270M | 269M |
Balance sheet
| Fiscal year | Nov 2021 | Nov 2022 | Nov 2023 | Nov 2024 | Nov 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $352M | $334M | $167M | $186M | $96M |
| Receivables | $550M | $574M | $588M | $587M | $629M |
| Inventory | $1.2B | $1.3B | $1.1B | $1.2B | $1.3B |
| Current assets | $2.2B | $2.4B | $2B | $2.1B | $2.1B |
| Net PP&E | $1.1B | $1.2B | $1.3B | $1.4B | $1.4B |
| Goodwill | $5.3B | $5.2B | $5.3B | $5.2B | $5.3B |
| Total assets | $12.9B | $13.1B | $12.9B | $13.1B | $13.2B |
| Current liabilities | $3.2B | $3.4B | $3.1B | $2.9B | $3.1B |
| Short-term debt | $770M | $271M | $799M | $265M | $509M |
| Long-term debt | $4B | $3.6B | $3.3B | $3.6B | $3.1B |
| Total liabilities | $8.5B | $8.4B | $7.8B | $7.8B | $7.4B |
| Shareholders' equity | $4.4B | $4.7B | $5.1B | $5.3B | $5.7B |
Cash flow
| Fiscal year | Nov 2021 | Nov 2022 | Nov 2023 | Nov 2024 | Nov 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $828M | $652M | $1.2B | $922M | $962M |
| Capital expenditure | $278M | $262M | $264M | $275M | $222M |
| Free cash flow | $550M | $390M | $973M | $647M | $740M |
| Depreciation & amortisation | $186M | $201M | $199M | $209M | $231M |
| Stock-based compensation | $67M | $60M | $63M | $47M | $46M |
| Share buybacks | $9M | $39M | $36M | $53M | $35M |
| Dividends paid | $363M | $397M | $419M | $451M | $483M |
| Dividend per share | 1.39 | 1.50 | 1.59 | 1.71 | 1.83 |
Key ratios
| Fiscal year | Nov 2021 | Nov 2022 | Nov 2023 | Nov 2024 | Nov 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 0.5% | 4.9% | 0.9% | 1.7% |
| Operating income growth (YoY) | – | −14.9% | 11.5% | 10.1% | 1.0% |
| EPS growth (YoY) | – | −10.0% | 0.0% | 15.9% | 0.3% |
| Gross margin | 39.5% | 35.8% | 37.6% | 38.5% | 37.9% |
| Operating margin | 16.1% | 13.6% | 14.5% | 15.8% | 15.7% |
| Net margin | 12.0% | 10.7% | 10.2% | 11.7% | 11.5% |
| Return on equityBlank when equity is negative | 17.1% | 14.6% | 13.4% | 14.9% | 13.8% |
| ROCEEBIT ÷ (assets − current liabilities) | 10.5% | 8.9% | 9.9% | 10.4% | 10.6% |
| Free cash flow margin | 8.7% | 6.1% | 14.6% | 9.6% | 10.8% |
| Cash conversion (CFO ÷ net income) | 1.10x | 0.96x | 1.82x | 1.17x | 1.22x |
| Receivable days | 32 | 33 | 32 | 32 | 34 |
| Inventory days | 113 | 120 | 99 | 110 | 109 |
| Interest cover | 7.43x | 5.79x | 4.63x | 5.06x | 5.46x |
| Debt ÷ equity | 1.08x | 0.84x | 0.82x | 0.73x | 0.63x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $4.4B | $3.6B | $4B | $3.7B | $3.5B |
| Current ratio | 0.68x | 0.70x | 0.65x | 0.74x | 0.70x |
Recent filings
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.