McCormick & Company

Consumer Staples Packaged Foods & Meats Hunt Valley, Maryland Last filing Jan 22, 2026 · FY2025

                    Revenue
                    FY2025
                
$6.8B
                    3y CAGR +2.5%
                    
                    P53
                    
                    +1.7%
                    
                    Net income
                    FY2025
                
$789.4M
                    Net margin +11.5%
                    
                    P72
                    
                    +0.1%
                    
                    Total assets
                    FY2025
                
$13.2B
                    ROA +6.0%
                    
                    P53
                    
                    +1.0%
                    
                    Operating cash flow
                    FY2025
                
$962.2M
                    FCF margin +10.8%
                    
                    P61
                    
                    +4.4%

18 yrs · FY2008–FY2025 9 filed · 0 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Each cell as a share of that year’s revenue.

Balance Sheet

Assets, liabilities, and equity

23 accounts · 5 years

Total assets $13.2B

Total liabilities $7.4B

Shareholders equity $5.7B

Account	2025	2024	2023	2022	2021
Assets
Cash and Cash Equivalents	1.4%	2.8%	2.5%	5.3%	5.6%
Accounts Receivable	9.2%	8.7%	8.8%	9.0%	8.7%
Inventory	18.6%	18.4%	16.9%	21.1%	18.7%
Prepaid Expenses	2.1%	1.9%	1.8%	2.2%	1.8%
Total Current Assets	31.3%	31.8%	30.0%	37.6%	34.8%
Property,Plant and Equipment	21.2%	21.0%	19.9%	18.9%	18.0%
Goodwill	77.5%	77.7%	79.0%	82.1%	84.5%
Intangible Assets	48.1%	49.4%	50.4%	53.3%	54.6%
Other Noncurrent Assets	14.9%	14.5%	13.8%	14.8%	12.4%
Total Assets	193.0%	194.4%	193.1%	206.7%	204.3%
Liabilities
Accounts Payable	18.4%	18.4%	16.8%	18.4%	16.8%
Accrued Liabilities	13.3%	13.3%	13.6%	11.9%	13.5%
Current Portion of Long Term Debt	13.0%	11.1%	16.1%	23.7%	20.7%
Total Current Liabilities	44.8%	42.9%	46.5%	54.0%	51.0%
Long Term Debt	45.4%	53.4%	50.1%	57.4%	62.9%
Deferred Tax Liabilities	12.2%	12.5%	12.9%	13.6%	12.5%
Other Noncurrent Liabilities	6.3%	6.5%	7.2%	7.6%	7.8%
Total Liabilities	108.7%	115.3%	116.8%	132.7%	134.2%
Equity
Retained Earnings	55.8%	52.7%	48.8%	47.6%	44.0%
Accumulated Other Comprehensive Income	-5.3%	-7.3%	-5.8%	-7.6%	-6.8%
Total Stockholders Equity	83.9%	78.7%	76.0%	73.7%	69.8%
Noncontrolling Interest	0.5%	0.4%	0.3%	0.3%	0.2%
Total Liabilitiesand Equity	193.0%	194.4%	193.1%	206.7%	204.3%

Income Statement

Revenue, expense, and profitability

15 accounts · 5 years

Revenue $6.8B

Operating income $1.1B

Net income $789.4M

Account	2025	2024	2023	2022	2021
IncomeStatement
Revenues Total Revenue	100.0%	100.0%	100.0%	100.0%	100.0%
Expenses Cost of Revenue	62.1%	61.5%	62.4%	64.2%	60.5%
Other Income Expense Gross Profit	37.9%	38.5%	37.6%	35.8%	39.5%
Expenses Selling,General and Administrative	21.9%	22.6%	22.2%	21.4%	22.2%
Expenses Other Operating Expenses	0.3%	0.1%	0.9%	0.8%	1.2%
Other Income Expense Operating Income	15.7%	15.8%	14.5%	13.6%	16.1%
Other Income Expense Interest Expense	2.9%	3.1%	3.1%	2.3%	2.2%
Other Income Expense Other Income/expense	0.6%	0.7%	0.7%	1.5%	0.3%
Other Income Expense Income Before Tax	13.3%	13.4%	12.0%	12.8%	14.2%
Income Tax Income Tax Expense	2.9%	2.7%	2.6%	2.7%	3.1%
net Income Other Items Below Tax	1.1%	1.1%	0.8%	0.6%	0.8%
net Income net Income	11.5%	11.7%	10.2%	10.7%	12.0%
net Income Comprehensive Income	13.5%	10.2%	11.7%	10.0%	12.7%
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%	0.0%	0.0%

Cash Flow Statement

Operating, investing, and financing flows

21 accounts · 5 years

Operating cash flow $962.2M

Investing cash flow $-255.2M

Financing cash flow $-840.9M

Account	2025	2024	2023	2022	2021
CashFlow
Operating Activities net Income	11.5%	11.7%	10.2%	10.7%	12.0%
Operating Activities Depreciation and Amortization	3.4%	3.1%	3.0%	3.2%	2.9%
Operating Activities Stock Based Compensation	0.7%	0.7%	1.0%	0.9%	1.1%
Operating Activities Deferred Income Taxes	-0.1%	-0.5%	-0.1%	0.3%	0.6%
Operating Activities Changes In Operating Assets and Liabilities	-1.2%	-1.2%	4.0%	-4.0%	-3.5%
Operating Activities Other Non Cash Items	-0.2%	-0.1%	0.5%	-0.9%	0.1%
Operating Activities net Cash From Operating Activities	14.1%	13.7%	18.6%	10.3%	13.1%
Investing Activities Capital Expenditures	-3.2%	-4.1%	-4.0%	-4.1%	-4.4%
Investing Activities Business Acquisitions	-0.5%	0.0%	0.0%	—	-11.2%
Investing Activities Other Investing Activities	0.0%	0.1%	0.1%	1.8%	1.2%
Investing Activities net Cash From Investing Activities	-3.7%	-4.0%	-3.9%	-2.3%	-14.4%
Financing Activities Proceeds From Debt	0.0%	7.4%	7.5%	0.0%	15.9%
Financing Activities Repayment of Debt	-5.4%	-8.8%	-18.5%	-1.2%	-9.6%
Financing Activities Repurchase of Common Stock	-0.5%	-0.8%	-0.5%	-0.6%	-0.1%
Financing Activities Dividends Paid	-7.1%	-6.7%	-6.3%	-6.2%	-5.8%
Financing Activities Proceeds From Stock Issuance	0.3%	0.3%	0.2%	0.7%	0.2%
Financing Activities Tax Withholding On Stock Based Compensation	-0.2%	-0.1%	-0.2%	-0.3%	-0.2%
Financing Activities Other Financing Activities	0.5%	0.1%	0.0%	0.0%	-0.0%
Financing Activities net Cash From Financing Activities	-12.3%	-8.7%	-17.8%	-7.7%	0.3%
Cash Reconciliation Effect of Exchange Rate On Cash	0.6%	-0.7%	0.6%	-0.6%	-0.2%
Cash Reconciliation net Change In Cash	-1.3%	0.3%	-2.5%	-0.3%	-1.1%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 5 years

Ratio	2025	2024	2023	2022	2021
Profitability
Gross margin	+37.9%	+38.5%	+37.6%	+35.8%	+39.5%
Operating margin	+15.7%	+15.8%	+14.5%	+13.6%	+16.1%
Net margin	+11.5%	+11.7%	+10.2%	+10.7%	+12.0%
FCF margin	+10.8%	+9.6%	+14.6%	+6.1%	+8.7%
Growth
Revenue CAGR (3y)	+2.5%	+2.1%	+6.0%	+5.9%	+6.0%
Returns
ROE	+13.8%	+14.9%	+13.4%	+14.6%	+17.1%
ROA	+6.0%	+6.0%	+5.3%	+5.2%	+5.9%
ROIC	+8.7%	+8.9%	+8.1%	+7.2%	+8.5%
Liquidity
Current ratio	0.70x	0.74x	0.65x	0.70x	0.68x
Quick ratio	0.24x	0.27x	0.24x	0.26x	0.28x
Leverage
D/E	1.30x	1.47x	1.54x	1.80x	1.92x
Interest coverage	5.46x	5.06x	4.63x	5.79x	7.43x
Efficiency
Asset turnover	0.52x	0.51x	0.52x	0.48x	0.49x
Cash conversion cycle	+35d	+32d	+33d	+48d	+43d

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McCormick & Company

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