MCCORMICK & CO INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data MCCORMICK & CO INC files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	4,412	4,834	5,303	5,347	5,601	6,318	6,351	6,662	6,724	6,840
Cost of revenue	2,580	2,936	3,210	3,202	3,301	3,823	4,076	4,160	4,133	4,248
Gross profit	1,832	1,794	2,093	2,145	2,300	2,495	2,275	2,503	2,591	2,592
Research and development	61	66.1	69.4	67.3	68.6	87.3	87.5	94.9	103	106
Selling, general and administrative	1,175	1,031	1,163	1,167	1,282	1,404	1,357	1,478	1,521	1,500
Selling and marketing	252	173	219	215	230	238	240	247	265	277
Operating income	641	700	891	958	1,000	1,015	864	963	1,060	1,071
Interest expense	56	95.7	175	165	136	137	149	208	209	196
Interest income		5.7	7.1	10.1	7.8	9.3	17.8	36.6	45.9	40.1
Other non-operating income	4.2	6.1	24.8	26.7	17.6	17.3	98.3	43.9	47.4	38.4
Pre-tax income	589	595	741	819	882	896	813	799	898	913
Income tax	153	151	-157	157	175	193	169	175	184	196
Net income to minority interests	1.3	-1.6	-3.3	-1.9	-4.3	-8	-6.2	-5.5	-7.5	-6.1
Net income	472	477	933	703	747	755	682	681	789	789
EBITDA	750	825	1,042	1,117	1,165	1,201	1,064	1,162	1,269	1,302
EPS, basic	1.87	1.89	3.55	2.65	2.80	2.83	2.54	2.54	2.94	2.94
EPS, diluted	1.85	1.86	3.50	2.62	2.78	2.80	2.52	2.52	2.92	2.93
Shares, basic (weighted)	253	254	263	265	267	267	268	268	269	269
Shares, diluted (weighted)	256	257	267	268	269	270	270	270	270	269
Dividend per share	0.88	0.97	1.07	1.17	1.27	1.39	1.50	1.59	1.71	1.83

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	118	187	96.6	155	424	352	334	167	186	95.9
Receivables	465	555	518	503	529	550	574	588	587	629
Inventory	756	793	786	801	1,033	1,182	1,340	1,127	1,240	1,272
Other current assets	58.3	49.4	51.7	54.7	60.9	70.6	77.2	73.4	74.1	88.1
Total current assets	1,422	1,617	1,480	1,550	2,084	2,196	2,387	2,002	2,139	2,138
Property, plant and equipment	669	809	942	953	1,028	1,140	1,198	1,325	1,413	1,449
Lease right-of-use assets				135	137	137	219	220	211	217
Goodwill	1,771	4,490	4,528	4,505	4,986	5,336	5,213	5,260	5,228	5,301
Intangible assets	425	3,071	2,873	2,847	3,239	3,453	3,388	3,357	3,319	3,293
Long-term investments	116	127	121	124	130	137	115	115	131	133
Other non-current assets	80.9
Total assets	4,636	10,386	10,256	10,362	12,090	12,906	13,125	12,862	13,070	13,200
Accounts payable	451	640	710	847	1,032	1,064	1,171	1,119	1,238	1,259
Accrued liabilities	162	181	177	185	261	229	142	222	193	168
Short-term debt	2.9	326	83.5	97.7	264	770	271	799	265	509
Total current liabilities	1,423	1,947	2,002	2,154	3,047	3,224	3,432	3,099	2,883	3,062
Long-term debt	1,054	4,444	4,053	3,626	3,754	3,973	3,642	3,340	3,594	3,106
Lease liabilities					104	106	176	180	167	168
Other non-current liabilities	441	329	313	428	622	491	485	479	437	429
Total liabilities	2,998	7,815	7,074	6,905	8,150	8,480	8,426	7,779	7,754	7,432
Total debt	1,057	4,770	4,136	3,724	4,018	4,744	3,913	4,139	3,859	3,615
Retained earnings	1,057	1,167	1,760	2,056	2,416	2,782	3,023	3,250	3,545	3,816
Other comprehensive income	-514	-280	-360	-500	-471	-427	-481	-389	-491	-363
Shareholders' equity			3,171	3,444	3,926	4,411	4,681	5,061	5,291	5,737
Minority interests	11.5	11	11.3	12.5	13.9	14.5	18.7	22.8	25.8	31.6
Total equity	1,638	2,571	3,182	3,457	3,940	4,426	4,699	5,084	5,317	5,768
Total liabilities and equity	4,636	10,386	10,256	10,362	12,090	12,906	13,125	12,862	13,070	13,200

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	472	477	933	703	747	755	682	681	789	789
Depreciation and amortization	109	125	151	159	165	186	201	199	209	231
Stock-based compensation	25.6	23.9	25.6	37.2	46	66.6	60.3	63.4	47.4	46.2
Deferred income tax	-40	24.1	-340	20.9	-11.2	36	21.8	-5.4	-30.3	-6.5
Change in receivables	-21	-13	19.8	12.2	4.8	-22.6	-45.8	3.4	-20.5	-14.7
Change in inventory	-39	44.6	-10	-20.9	-200	-154	-205	225	-125	23.9
Change in payables	47	98.2	72.8	128	164	34.9	125	-68.1	135	1.2
Cash from operations	658	815	821	947	1,041	828	652	1,237	922	962
Capital expenditures	-154	-182	-169	-174	-225	-278	-262	-264	-275	-222
Acquisitions	-121	-4,327	-4.2	0	-803	-706	0	0	0	-34.1
Cash from investing	-267	-4,508	-159	-171	-1,026	-909	-146	-261	-269	-255
Debt issued	6	3,990	25.9	0	527	1,002	0	496	496	2.7
Debt repaid	-202	-273	-798	-448	-258	-257	-772	-268	-801	-268
Stock issued	0	554	0	0	56.6	13.5	41.4	16.6	17.5	20.9
Share buybacks	-243	-138	-62.3	-95.1	-47.3	-8.6	-38.8	-35.7	-53.1	-34.8
Dividends paid	-218	-238	-273	-302	-330	-363	-397	-419	-451	-483
Cash from financing	-372	3,756	-751	-726	221	22	-487	-1,184	-583	-841
Exchange rate effect	-13.7	5.4	-1.8	8.8	31.6	-13.6	-35.6	40	-50.3	43.7
Net change in cash	5.8	68.4	-90.2	58.8	268	-71.9	-17.7	-167	19.5	-90.2
Free cash flow	504	633	652	773	816	550	390	973	647	740
Interest paid	57.5	72.1	180	170	134	136	149	204	210	193
Income taxes paid	151	156	155	137	183	179	192	118	221	240

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to May 31, 2026; growth uses fiscal years. Valuation uses the share price of $47.94 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	38.6%	Gross profit / revenue.
Operating margin	14.9%	Operating income / revenue.
EBITDA margin	18.4%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	12.6%	Pre-tax income / revenue.
Net margin	21.9%	Net income / revenue.
Operating cash flow margin	16.7%	Cash from operations / revenue.
Effective tax rate	23.4%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	23.1%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	9.8%	Net income / average total assets.
Return on invested capital (ROIC)	8.2%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	22.4%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.6%	Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue	3.5%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	1.7%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	2.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	4.1%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	0.0%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	4.5%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	2.4%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	1.0%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	7.4%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	1.4%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	2.6%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	7.0%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	2.3%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	0.1%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	5.0%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	1.1%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	0.3%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	5.2%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	1.1%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	4.4%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	13.9%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-1.6%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	14.4%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	23.9%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-1.9%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	7.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	6.9%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	7.6%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	8.4%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	7.0%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	7.9%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	1.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	0.2%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	1.8%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-0.1%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-0.1%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	0.0%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.78x	Current assets / current liabilities.
Quick ratio	0.29x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.09x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.52x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	21.9%	Total debt / total assets.
Liabilities / assets	54.0%	Total liabilities / total assets.
Net debt	$3.28B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	2.41x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	5.34x	Operating income / interest expense.
Working capital	-$783.0M	Current assets - current liabilities.
Goodwill and intangibles / assets	68.2%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$4.23B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.45x	Revenue / average total assets.
Fixed asset turnover	4.91x	Revenue / average property, plant and equipment.
Receivables turnover	10.4x	Revenue / average receivables.
Days sales outstanding	35 days	365 x average receivables / revenue.
Days payables	122 days	365 x average accounts payable / cost of revenue.

Per share

Metric	Value	How it is calculated
EPS, diluted	$6.01	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$27.44	Revenue / diluted weighted shares.
Operating cash flow per share	$4.57	Cash from operations / diluted weighted shares.
Book value per share	$25.99	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$15.73	Tangible book value / shares outstanding.
Cash per share	$1.23	(Cash + short-term investments) / shares outstanding.
Payout ratio	30.9%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$12.89B	Share price x shares outstanding.
Enterprise value	$16.16B	Market cap + total debt - cash - short-term investments.
P/E	7.96x	Market cap / net income. Only when net income is positive.
P/S	1.75x	Market cap / revenue.
P/B	1.84x	Market cap / shareholders' equity. Only when equity is positive.
P/OCF	10.5x	Market cap / cash from operations, when positive.
EV/Sales	2.19x	Enterprise value / revenue.
EV/EBIT	14.6x	Enterprise value / operating income, when both are positive.
EV/EBITDA	11.9x	Enterprise value / EBITDA, when both are positive.
Earnings yield	12.6%	Net income / market cap (the inverse of P/E).
Dividend yield	3.9%	Dividends paid over the period / market cap.
Shareholder yield	4.0%	(Dividends paid + share buybacks) / market cap.
PEG	1.55x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was MCCORMICK & CO INC's revenue in fiscal 2025?

MCCORMICK & CO INC reported revenue of $6.84B for fiscal 2025, 1.7% higher than the year before.

Was MCCORMICK & CO INC profitable in fiscal 2025?

Yes. Net income was $789.4M, a net margin of 11.5%.

How much free cash flow did MCCORMICK & CO INC generate in fiscal 2025?

Cash from operations of $962.2M minus capital expenditures of $221.8M left free cash flow of $740.4M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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