McCormick & Co Inc. is a global leader in flavor, manufacturing, marketing, and distributing spices, seasoning mixes, condiments, and other flavorful products to the entire food industry.
Financial Statements
In thousands, USD
FY 2025
FY 2024
FY 2023
FY 2022
Total Revenues
6,840,300
6,723,700
6,662,200
6,350,500
Cost of Sales
4,248,100
4,132,700
4,159,700
4,076,000
Gross Profit
2,592,200
2,591,000
2,502,500
2,274,500
Selling, General & Administrative Expenses
1,500,300
1,521,200
1,478,300
1,357,100
Other Operating Expenses
21,100
9,500
61,200
53,800
Operating Profit
1,070,800
1,060,300
963,000
863,600
Interest Expense
(196,200)
(209,400)
(208,200)
(149,100)
Non-Operating Income
38,400
47,400
43,900
98,300
Total Non-Operating Income
(157,800)
(162,000)
(164,300)
(50,800)
Income Before Provision for Income Taxes
913,000
898,300
798,700
812,800
Provision for Income Taxes
195,800
184,000
174,500
168,600
Consolidated Net Income
717,200
714,300
624,200
644,200
Net Income Attributable to Discontinued Operations
72,200
74,200
56,400
37,800
Net Income Attributable to Common Shareholders
789,400
788,500
680,600
682,000
Basic EPS
2.94
2.94
2.54
2.54
Diluted EPS
2.93
2.92
2.52
2.52
Basic Weighted Average Shares Outstanding
268,500
268,500
268,400
268,200
Diluted Weighted Average Shares Outstanding
269,400
269,600
269,800
270,200
Shares Outstanding
268,400
268,000
268,100
268,000
FY 2025
FY 2024
FY 2023
FY 2022
Cash and Cash Equivalents
95,900
186,100
166,600
334,000
Total Cash and Cash Equivalents
95,900
186,100
166,600
334,000
Accounts Receivable
628,900
587,400
587,500
573,700
Total Trade Receivables
628,900
587,400
587,500
573,700
Inventories
1,272,000
1,239,900
1,126,500
1,340,100
Other Current Assets
141,300
125,600
121,000
138,900
Total Current Assets
2,138,100
2,139,000
2,001,600
2,386,700
Net Property, Plant & Equipment
1,448,800
1,413,000
1,324,700
1,198,000
Net Intangible Assets
3,293,100
3,318,900
3,356,700
3,387,900
Goodwill
5,301,300
5,227,500
5,260,100
5,212,900
Other Long-Term Assets
1,019,100
971,900
919,200
939,400
Total Assets
13,200,400
13,070,300
12,862,300
13,124,900
Accounts Payable
1,259,400
1,238,100
1,119,300
1,171,000
Accrued Expenses
912,300
896,400
908,100
754,100
Short-Term Debt
381,400
483,100
272,200
1,236,700
Current Portion of Long-Term Debt
509,100
265,200
799,300
270,600
Total Current Liabilities
3,062,200
2,882,800
3,098,900
3,432,400
Long-Term Debt
3,105,800
3,593,600
3,339,900
3,642,300
Other Long-Term Liabilities
1,264,300
1,277,100
1,340,000
1,351,000
Total Long-Term Liabilities
4,370,100
4,870,700
4,679,900
4,993,300
Total Liabilities
7,432,300
7,753,500
7,778,800
8,425,700
Common Stock
2,283,200
2,237,200
2,199,600
2,138,600
Accumulated Other Comprehensive Income
(363,100)
(491,200)
(388,600)
(480,600)
Retained Earnings
3,816,400
3,545,000
3,249,700
3,022,500
Total Common Shareholders' Equity
5,736,500
5,291,000
5,060,700
4,680,500
Minority Interests and Other
31,600
25,800
22,800
18,700
Total Shareholders' Equity
5,768,100
5,316,800
5,083,500
4,699,200
Total Liabilities and Shareholders' Equity
13,200,400
13,070,300
12,862,300
13,124,900
FY 2025
FY 2024
FY 2023
FY 2022
Net Income
789,400
788,500
680,600
682,000
Depreciation & Amortization
231,300
208,800
199,300
200,600
Share-Based Compensation Expense
46,200
47,400
63,400
60,300
Other Adjustments
(78,700)
(111,600)
(60,400)
(69,700)
Changes in Trade Receivables
(14,700)
(20,500)
3,400
(45,800)
Changes in Inventories
23,900
(125,000)
225,000
(205,300)
Changes in Accounts Payable
1,200
135,100
(68,100)
125,300
Changes in Other Operating Activities
(36,400)
(5,800)
194,100
(95,900)
Cash from Operating Activities
962,200
921,900
1,237,300
651,500
Capital Expenditure
(221,800)
(274,900)
(263,900)
(262,000)
Proceeds from Sale of Intangible Assets
—
—
—
13,600
Payments for Business Acquisitions
(34,100)
—
—
—
Proceeds from Business Divestments
—
—
1,000
95,200
Other Investing Activities
700
5,900
2,400
6,800
Cash from Investing Activities
(255,200)
(269,000)
(260,500)
(146,400)
Issuance of Long-Term Debt
2,700
495,500
496,400
—
Repayments of Long-Term Debt
(267,900)
(801,100)
(268,100)
(772,000)
Net Issuance / (Repayments) of Long-Term Debt
(265,200)
(305,600)
228,300
(772,000)
Issuance of Common Shares
20,900
17,500
16,600
41,400
Repurchases of Common Shares
(48,000)
(62,100)
(46,500)
(58,200)
Net Issuance / (Repurchases) of Common Shares
(27,100)
(44,600)
(29,900)
(16,800)
Common Share Dividends Paid
(483,000)
(451,000)
(418,500)
(396,700)
Other Financing Activities
(65,600)
218,100
(964,100)
698,300
Cash from Financing Activities
(840,900)
(583,100)
(1,184,200)
(487,200)
Effect of Exchange Rate Changes on Cash and Cash Equivalents
43,700
(50,300)
40,000
(35,600)
Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash