# McCormick & Company Inc. (MKC) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-13  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/MKC/thesis · /stocks/MKC/memo

## Financial Snapshot

---
ticker: MKC
step: 04
generated: 2026-05-12
source: quick-research
---

### McCormick & Company, Incorporated (MKC) — Financial Snapshot

#### Income Statement Summary

| Metric | FY2022 | FY2023 | FY2024 | YoY |
|--------|--------|--------|--------|-----|
| Revenue | ~$6.35B | $6.66B | $6.72B | +0.9% |
| Gross Margin | ~36.7% | ~38.5% | ~38.7% | +20bps |
| Adj. Operating Income | $917M | $1.02B | ~$1.08B | +5.9% |
| EPS (GAAP) | ~$2.52 | $2.52 | ~$2.70 | +7.1% |
| Adj. EPS | $2.53 | $2.70 | ~$2.90 | +7.4% |

*FY2022–FY2023 revenue growth was primarily price-driven as input cost inflation was passed through to customers. FY2024 saw volume recovery alongside continued margin expansion from the CCI program. FY2025 "strong results" with +2% net sales growth on volume/mix. Long-term targets: 4–6% net sales growth, 9–11% adj. EPS growth.*

#### Cash Flow & Balance Sheet (FY2024)

| Metric | Value |
|--------|-------|
| Operating Cash Flow | ~$900M–1.0B |
| Free Cash Flow | ~$750–850M |
| Capital Expenditures | ~$150–200M |
| Total Debt | ~$4.5B (elevated from acquisitions) |
| Dividend Yield | ~2.3% (39 consecutive years of increases) |

*Debt is elevated post-2017 Frank's/French's and 2020 Cholula acquisitions, but FCF generation comfortably services debt. Dividend has grown consistently — McCormick is a Dividend Aristocrat.*

#### Key Ratios (approximate)
- P/E: ~27x | EV/EBITDA: ~22x | FCF Yield: ~4%
- Gross Margin (FY2024): ~38.7% | Adj. Operating Margin: ~16%
- Long-term Net Sales Growth Target: 4–6% annually
- Long-term Adj. EPS Growth Target: 9–11% annually

#### Growth Profile
McCormick's revenue growth has been modest (1–2% recently) as post-COVID normalization and consumer value-seeking pressure volumes. The Comprehensive Continuous Improvement (CCI) program consistently delivers 1–2% cost savings per year that fund growth investment and margin expansion. The long-term story is margin expansion + volume recovery driving mid-single-digit revenue growth and high-single-digit EPS growth.

#### Forward Estimates
- FY2026 adj. EPS: ~$3.00–3.10 (consensus; management targets 9–11% growth)
- FY2026 net sales growth: ~4–6% (long-term target)
- Dividend: 40th consecutive annual increase expected in 2025

## Deeper Financial Analysis

The fundamental tier ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/MKC/fundamental

## Navigation

- Overview: /stocks/MKC
- Financials (this page): /stocks/MKC/financials
- Thesis: /stocks/MKC/thesis
- Investment Memo: /stocks/MKC/memo
- Coverage universe: /stocks