Interprétation IA fondée sur des extraits vérifiés. Les déclarations de l’entreprise et les limites de couverture restent explicites.
Méthode quality-scores-2 : six catégories de même poids. Le score global exige une couverture complète. Les données manquantes ne valent pas zéro. Les évaluations qualitatives sont des interprétations sourcées, pas des probabilités. 6/6 · 22/10/2026
Moat56
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
structural advantage · 3/4 · Disclosed category leadership, distribution across approximately 150 countries and territories, customized flavor relationships and expertise support differentiation. Realized pricing and fiscal 2025 volume/product mix growth provide operating corroboration. Relative cost leadership is unproven.
durability · 2/4 · Leadership disclosures persist across fiscal 2023–2025, and many Flavor Solutions relationships have lasted decades. Continuing marketing spending and subsequent Consumer volume/product mix weakness temper durability; this record does not establish exceptional protection.
customer dependency · 2/4 · Customized products and decades-long relationships indicate repeat commercial reliance, but do not prove switching barriers. The top three Flavor Solutions customers represented 49% of segment sales, commercial terms reset frequently, and a particular customer's supplied products are disclosed as available elsewhere.
erosion resilience · 2/4 · Positive fiscal 2025 pricing and volume/product mix and continued 2026 Consumer organic growth show resilience. Consumer volume/product mix declines and realized adverse price elasticity show limits. Buyer substitution risks are possibilities, not evidence of realized widespread customer losses.
Pouvoir de fixation des prix56
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
realized pricing · 3/4 · Pricing contributed 0.5% to fiscal 2024 consolidated sales, 0.7% in fiscal 2025 and 2.4% to nine-month 2026 Consumer sales. These are demonstrated favorable outcomes, although segment scopes differ and adverse elasticity prevents interpreting them as unrestricted pricing power.
retention · 2/4 · Decades-long Flavor Solutions relationships support repeat demand. Indirect operating evidence is mixed: fiscal 2025 volume/product mix improved, while nine-month 2026 Consumer organic growth depended on pricing despite weaker volume/product mix. No retention rate is inferred.
margin resilience · 2/4 · Fiscal 2025 gross margin fell 60 basis points despite pricing and productivity offsets. Third-quarter 2026 Consumer profit improved with pricing and savings, but acquisition consolidation contributed, and year-to-date results also benefited from a tariff expense reversal. Pricing alone does not explain recovery.
contractual freedom · 2/4 · Frequent establishment of prices and quantities, with most arrangements and incentives lasting one year or less, provides repricing opportunities. Powerful buyers and disclosed adverse price elasticity constrain the practical freedom to exercise them; unilateral pricing authority is unproven.
Prévisibilité100
Five consecutive annual periods. Equal weights: nondeclining revenue frequency; revenue-growth volatility (5–40pp); positive FCF frequency; FCF-margin volatility (3–20pp). Stability indicator, not a growth forecast.
- Nondeclining revenue years (%)
- 100.00
- Revenue growth volatility (pp)
- 1.72
- Positive FCF years (%)
- 100.00
- FCF margin volatility (pp)
- 2.78
Solidité financière26
Equal-weight grades: debt/FCF (1–8x), net debt/earnings before interest and tax (0–5x), interest service (1–12x), current ratio (0.75–2x). Earnings use reported operating income, or reported pretax profit plus reported interest expense when operating income is unavailable. Interest service uses earnings/interest expense; if unavailable, it uses reported operating cash flow/cash interest paid, without relabeling cash paid as accrued expense. Nonpositive cash flow/earnings score 0 for their service component; reported zero interest with a positive numerator scores 100. Net cash scores 100 for net leverage. Missing disclosures remain unavailable. General nonfinancial-company rubric, not a credit rating; exceptional and nonoperating gains are not normalized out. IFRS finance-cost and cash-flow classifications retain their reported scope.
- debtFcfGrade
- 37.18
- netDebtEbitGrade
- 27.15
- interestCoverageGrade
- 40.52
- currentRatioGrade
- 0.00
- Debt / FCF (x)
- 5.40
- Net debt / operating income (x)
- 3.64
- Interest coverage (x)
- 5.46
- Current ratio (x)
- 0.70
Allocation du capital86
Three-year equal-weight indicators: pretax return on average invested capital (0–25%; equity + debt − cash, each year and its prior year), share-count growth (0–5%, lower better), share-based cost/revenue (2–20%, lower better), consolidated FCF/net income (0–1x). Return uses reported operating income or, if unavailable, EBIT calculated from reported pretax profit plus reported interest expense; exceptional/nonoperating gains are not normalized out. Share-based cost uses the reported cash-flow add-back or, if absent, separately reported recognized compensation expense; the latter never becomes an FCF adjustment. Nonpositive net income scores 0 for cash conversion; absent income/FCF stays unavailable. Nonpositive invested capital has no defined return and remains unavailable. Does not establish acquisition quality or buyback timing.
- 3-year pre-tax operating return (%)
- 10.90
- 3-year average dilution (%)
- 0.04
- 3-year average SBC / revenue (%)
- 0.78
- cashConversionGrade
- 100.00
Qualité du management50
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
capital discipline · 2/4 · Actual debt reduction in fiscal 2025 and nine-month 2026 operating cash generation of $598.8 million support discipline. However, acquisition cash spending of $729.9 million, increased short-term borrowing and financing fees expand exposure. Conditional merger dilution and a bridge commitment up to $15.7 billion lack demonstrated investment returns; the commitment is not assumed drawn.
incentive alignment · 2/4 · Annual operating metrics, acquisition-adjusted three-year sales goals and completed PSU awards provide actual performance linkage. Half of the long-term target mix comprises RSUs with retirement-related early vesting. Executed June 2026 retention agreements reward continued employment around closing rather than investment returns; their conditional awards are not treated as vested. Ownership alignment remains unestablished.
execution · 2/4 · Indirect operating evidence is mixed: fiscal 2025 sales and operating income grew, and third-quarter 2026 Consumer operating income rose 24.4%. However, nine-month Consumer volume/product mix fell and consolidated operating income declined as special charges increased. Acquisition consolidation, a remeasurement gain and tariff refunds limit attribution of headline improvement to underlying execution.
governance · 2/4 · Independent audit and compensation committees, officer and director hedging restrictions, and a Lead Director provide substantive safeguards. The Chairman is not independent and MKC shareholders lack voting rights. These actual arrangements support a mixed assessment without implying misconduct or assuming approval of proposed votes.
Preuves
Consumer Segment. From locations around the world, our brands reach consumers in approximately 150 countries and territories.
Business / Consumer geographic reach · Dépôt 22/01/2026
Within the spices and seasoning category, we are the brand leader globally and a category leader in our key markets.
Business / spices and seasoning category leadership · Dépôt 22/01/2026
Within the spices and seasoning category, we are the brand leader globally and a category leader in our key markets.
Business / fiscal 2024 category leadership · Dépôt 23/01/2025
Within the spices and seasoning category, we are the brand leader globally and a category leader in our key markets.
Business / fiscal 2023 category leadership · Dépôt 25/01/2024
We supply food manufacturers and foodservice customers with customized Flavor Solutions, and many of these customer relationships have been active for decades.
Business / customized Flavor Solutions and decades-long relationships · Dépôt 22/01/2026
Our customers benefit from our expertise in many areas, including sensory testing, culinary research, food safety, and flavor application.
Business / sensory, culinary, food safety and application expertise · Dépôt 22/01/2026
RESULTS OF OPERATIONS—2025 COMPARED TO 2024
2025
2024
Net sales
$
6,840.3
$
6,723.7
Percent growth
1.7
%
0.9
%
Components of percent change in net sales:
Volume and product mix
1.2
%
0.3
%
Pricing actions
0.7
%
0.5
%
Divestiture
—
%
(0.2)
%
Foreign exchange
(0.2)
%
0.3
%
Sales for 2025 increased by 1.7% from 2024 and by 1.9% on an organic basis (that is, excluding the impact of foreign currency exchange as more fully described under the caption, Non-GAAP Financial Measures).
MD&A / fiscal 2025 and 2024 sales, pricing and volume/product mix · Dépôt 22/01/2026
Favorable pricing impacted sales by 2.4% driven by the Americas and EMEA regions.
MD&A / nine-month 2026 Consumer realized pricing · Dépôt 01/10/2026
Unfavorable volume and product mix decreased sales by 1.2% driven by declines in the Americas region which were partially offset by growth in the EMEA and APAC regions.
MD&A / nine-month 2026 Consumer volume/product mix decline · Dépôt 01/10/2026
Such consolidation could present a challenge to margin growth and profitability in that it has produced large, sophisticated customers with increased buying power who are more capable of operating with reduced inventories; resisting price increases; demanding lower pricing, increased promotional programs and specifically tailored products; and shifting shelf space currently used for our products to private label and other competitive products.
Risk factors / consolidated customers and bargaining power · Dépôt 22/01/2026
Additionally, in some instances, the pricing actions we take have been impacted by price elasticity which unfavorably impacts our sales volume and mix.
Business / realized adverse price elasticity · Dépôt 22/01/2026
Brand Marketing Support
Total brand marketing support costs, which are included in our consolidated income statement in the line entitled "Selling, general and administrative expense," were $276.7 million, $265.0 million, and $247.1 million for 2025, 2024, and 2023, respectively.
Financial statement notes / fiscal 2023–2025 brand marketing spending · Dépôt 22/01/2026
Our gross profit margin was 37.9%, a decrease of 60 basis points, driven by increased commodity costs including the impact of tariffs, unfavorable product mix, and increased conversion cost including costs to support capacity for future growth, partially offset by pricing actions and CCI program-led cost savings.
MD&A / fiscal 2025 gross margin decline and offsets · Dépôt 22/01/2026
The acquisition of McCormick de Mexico increased sales by 20.9%.
MD&A / acquisition contribution to nine-month Consumer sales · Dépôt 01/10/2026
are readily available from other sources of supply.
Corporate governance / alternative supply for products sold to a particular customer · Dépôt 18/02/2026
In 2025, 2024, and 2023, the top three customers in our Flavor Solutions segment represented 49% of our global Flavor Solutions sales.
Business / Flavor Solutions customer concentration · Dépôt 22/01/2026
Key sales terms, such as pricing and quantities ordered, are established on a frequent basis such that most customer arrangements and related incentives have a one-year or shorter duration.
Revenue recognition / frequency of pricing and quantity establishment · Dépôt 22/01/2026
For the nine months ended August 31, 2026, sales of our Consumer segment increased 24.1% as compared to the same period in 2025 and increased by 1.2% on an organic basis.
MD&A / nine-month 2026 Consumer reported and organic sales growth · Dépôt 01/10/2026
Segment operating income for our Consumer segment for the third quarter of 2026 increased by $47.3 million, or 24.4%, as compared to the same period of 2025 driven by an increase in gross profit, partially offset by an increase in SG&A expense.
MD&A / third-quarter 2026 Consumer operating income growth · Dépôt 01/10/2026
The increase in gross profit was driven by the impacts of our acquisition of McCormick de Mexico, favorable pricing, and CCI-led cost savings, partially offset by increased commodity costs and higher freight costs, including the impact of the conflict in the Middle East.
MD&A / acquisition, pricing and productivity contributions to gross profit · Dépôt 01/10/2026
During the second quarter of 2026, we determined that the refund was probable of recovery and we reduced cost of goods sold by $27.6 million, effectively reversing the IEEPA tariff expense previously recognized in connection with inventory sold to customers since the tariffs were enacted in the first quarter of 2025, and reduced the carrying value of inventory by $3.2 million.
Financial statement notes / tariff refund reduction of cost of goods sold · Dépôt 01/10/2026
Amortization of inventory fair value adjustments associated with acquisition
15.0
—
Asset impairments included in special charges
43.1
—
Deferred income tax benefit
(21.8)
(15.8)
Income from unconsolidated operations
(25.7)
(58.3)
Gain on remeasurement of previously held equity interest
(866.8)
—
Changes in operating assets and liabilities (net of effect of businesses acquired)
Trade accounts receivable
10.2
(51.9)
Inventories
(44.6)
(26.0)
Trade accounts payable
(9.8)
(62.5)
Other assets and liabilities
(55.3)
(181.2)
Dividends from unconsolidated affiliates
16.8
39.4
Net cash flow provided by operating activities
598.8
420.2
Investing activities
Acquisition of business, net of cash acquired
(729.9)
(34.1)
Capital expenditures (including software)
(131.2)
(138.1)
Net cash flow used in investing activities
(861.1)
(172.2)
Financing activities
Short-term borrowings, net
958.8
13.2
Long-term debt borrowings (net of debt issuance costs of $1.1)
498.3
2.4
Debt financing fees paid
(75.0)
—
Long-term debt repayments
(506.7)
(15.7)
Proceeds from exercised stock options
23.9
15.1
Taxes withheld and paid on employee stock awards
(11.9)
(13.2)
Common stock acquired by purchase
Fair value of non-controlling interest recognized at acquisition
—
—
—
504.3
504.3
Net income attributable to non-controlling interests
—
—
—
26.2
26.2
Other comprehensive income (loss), net of tax
—
—
225.1
42.5
267.6
Dividends
—
(258.0)
—
(20.8)
(278.8)
Stock-based compensation
34.5
—
—
—
34.5
Shares purchased and retired
(0.4)
—
(14.6)
(10.8)
—
—
(25.4)
Shares issued
1.0
—
26.7
—
—
—
26.7
Equal exchange
(1.0)
1.0
—
—
—
—
—
Balance, August 31, 2026
14.5
254.5
$
2,329.8
$
4,811.5
$
(138.0)
$
583.8
$
7,587.1
8
Table of Contents
Common Stock Shares
Common Stock
Non-Voting Shares
Common Stock Amount
Retained Earnings
Accumulated Other Comprehensive Loss
Non-controlling Interests
Total Shareholders’ Equity
Three months ended August 31, 2025
Balance, May 31, 2025
15.3
253.0
$
2,263.6
$
3,739.0
$
(401.2)
$
29.0
$
5,630.4
Net income attributable to McCormick & Company
—
225.5
—
—
225.5
Net income attributable to non-controlling interest
—
—
—
2.2
2.2
Other comprehensive income (loss), net of tax
—
—
40.1
(0.4)
39.7
Dividends
—
(120.7)
—
—
(120.7)
Stock-based compensation
7.7
—
—
—
7.7
Shares purchased and retired
(0.1)
—
(1.9)
(1.9)
—
—
(3.8)
Shares issued
0.1
—
2.6
—
—
—
2.6
Equal exchange
(0.2)
0.2
—
—
—
—
—
Balance, August 31, 2025
15.1
253.2
$
2,272.0
$
3,841.9
$
(361.1)
$
30.8
$
Cash flow statement / operating cash, acquisition spending, capital expenditures and financing · Dépôt 01/10/2026
The following table outlines our net borrowing activities:
2025
2024
2023
Net (decrease) increase in short-term borrowings
$
(101.4)
$
211.1
(964.6)
Proceeds from issuance of long-term debt, net of debt issuance costs
2.7
494.5
495.3
Repayments of long-term debt
(267.9)
(801.1)
(268.1)
Net cash (used in) net borrowing activities
$
(366.6)
$
(95.5)
$
(737.4)
In 2025, we repaid $267.9 million of long-term debt, including the $250.0 million, 3.25% notes that matured in November 2025.
Liquidity / fiscal 2023–2025 net borrowing and debt repayments · Dépôt 22/01/2026
The transactions contemplated by the Merger Agreement are expected to result in current Unilever shareholders owning approximately 55.1% of the combined company, our current shareholders owning approximately 35.0% of the combined company, and Unilever retaining up to approximately 9.9% of the total outstanding equity of the combined company, assuming Unilever does not elect to dispose of such interest to its shareholders in accordance with the Merger Agreement.
Pending merger / conditional combined-company ownership · Dépôt 01/10/2026
In connection with the execution of the Merger Agreement, we entered into a commitment letter on March 31, 2026 (the "Bridge Commitment Letter") with Citigroup Global Markets Inc., Goldman Sachs Bank USA and Morgan Stanley Senior Funding, Inc., (the "Commitment Parties") pursuant to which the Commitment Parties committed to provide, subject to the terms and conditions set forth therein, a 364-day senior unsecured bridge term loan credit facility (the "Bridge Facility") in an aggregate principal amount of up to $15.7 billion.
Pending merger / conditional bridge financing commitment · Dépôt 01/10/2026
Our annual incentive is based on a formula that includes adjusted earnings per share ("EPS") growth, net sales growth, volume sales growth, and adjusted operating income growth, adjusted for working capital charges and currency impact.
Executive compensation / annual incentive formula · Dépôt 18/02/2026
Cumulative net sales represents the cumulative growth rate for continuing operations over a three-year period, adjusted for items including foreign currency and the sales impact associated with acquisitions and divestitures.
Executive compensation / acquisition-adjusted three-year sales metric · Dépôt 18/02/2026
The PSUs that concluded their performance period at the end of fiscal 2025 were earned at 142.5% of target (or 47.5% of the maximum opportunity), reflecting strong three-year cumulative net sales and no TSR modifier.
Executive compensation / completed fiscal 2025 PSU performance period · Dépôt 18/02/2026
•Awards represent 50% of the overall annual long-term target incentive mix.
Executive compensation / RSU share of long-term incentive mix · Dépôt 18/02/2026
•Awards generally vest at a rate of one-third per year or, if earlier, upon the retirement eligibility date of the holder.
Executive compensation / RSU retirement eligibility vesting · Dépôt 18/02/2026
•increasing our interest expense and potentially requiring us to dedicate a substantial portion of our cash flow from operations to payments on our debt, thereby reducing the availability of cash to fund our business needs;
Pending merger risks / potential debt-service constraints on investment · Dépôt 01/10/2026
Foley) entered into a retention award agreement providing for a special one-time cash retention award of $1,000,000, 50% of which will vest on the Closing Date and 50% of which will vest on the six-month anniversary of the Closing Date, subject to the named executive officer’s continued employment through each such vesting date.
Other information / executed June 2026 conditional cash retention awards · Dépôt 25/06/2026
$
1,724.9
$
5,835.3
$
4,989.9
Cost of goods sold
1,229.9
1,079.8
3,553.3
3,118.0
Gross profit
794.9
645.1
2,282.0
1,871.9
Selling, general and administrative expense
436.4
352.5
1,334.5
1,095.5
Special charges
141.5
3.9
226.6
16.7
Operating income
217.0
288.7
720.9
759.7
Interest expense
68.4
50.2
178.4
149.7
Other income, net
5.9
9.4
17.2
29.0
Income from consolidated operations before income taxes
154.5
247.9
559.7
639.0
Income tax expense
49.9
39.3
162.1
130.2
Net income from consolidated operations
104.6
208.6
397.6
508.8
Income from unconsolidated operations
3.0
19.1
892.5
58.3
Net income
107.6
227.7
1,290.1
567.1
Net income attributable to noncontrolling interests
10.0
2.2
26.2
4.3
Net income attributable to McCormick & Company
$
97.6
$
225.5
$
1,263.9
$
562.8
Earnings per share – basic
$
0.36
$
0.84
$
4.70
$
2.10
Earnings per share – diluted
$
0.36
$
0.84
$
4.69
$
2.09
Average shares outstanding – basic
269.3
268.6
269.1
268.5
Average shares outstanding – diluted
269.4
269.3
269.3
269.4
Cash dividends paid per share – voting and non-voting
$
0.48
$
0.45
$
1.44
$
1.35
See notes to condensed consolidated financial statements (unaudited).
Income statement / nine-month operating income and special charges · Dépôt 01/10/2026
Operating income increased 1% and adjusted operating income increased 2%.
Proxy summary / fiscal 2025 operating income growth · Dépôt 18/02/2026
The Audit Committee of the Board of Directors, which is composed solely of independent directors, meets periodically with members of management, the internal auditors and the independent registered public accounting firm to review and discuss internal control over financial reporting and accounting and financial reporting matters.
Internal controls / independent Audit Committee · Dépôt 22/01/2026
YES. McCormick’s CHCC is comprised solely of independent directors.
Executive compensation governance / independent compensation committee · Dépôt 18/02/2026
Among other things, the Corporate Governance Guidelines make clear that directors and officers of the Company appointed by the Board (including all executive officers) may not pledge Company stock as collateral for a loan or otherwise use Company stock to secure a debt, and may not engage in any hedging transactions with respect to Company stock.
Corporate governance / director and officer hedging and pledging restrictions · Dépôt 18/02/2026
The Board also has the position of Lead Director who provides additional independent oversight of board matters in our current structure where the Chairman is not an independent director.
Board leadership / Lead Director and non-independent Chairman · Dépôt 18/02/2026
Holders of Common Stock Non-Voting (NYSE: MKC) may not vote but are welcome to virtually attend the Annual Meeting at www.virtualshareholdermeeting.com/MKC2026.
Meeting voting rights / non-voting MKC shares · Dépôt 18/02/2026
As of August 31, 2026, we have received $29.2 million of IEEPA tariff refunds and have a receivable of $1.6 million for the remainder of the IEEPA tariffs previously paid, which we believe is probable of recovery.
Financial statement notes / tariff refunds received by August 31, 2026 · Dépôt 01/10/2026
