MCCORMICK & CO (MKC) Company Report

CEO Brendan Foley underscored McCormick’s position as a global leader in flavor, competing solely on flavor across two segments—Consumer and Flavor Solutions—and reiterated unchanged long-term objectives.
In the Consumer segment, the company is driving volume growth through packaging renovations (e.g., Red Cap and Gourmet collections), targeted marketing to millennials and Gen Z, and expanded innovation across spices, hot sauces, mustard, and mayonnaise.
McCormick is advancing its digital transformation by deploying AI-driven forecasting, a refined ERP foundation for cyber-security and data readiness, and leveraging data analytics to personalize marketing, accelerate R&D, and optimize supply chain operations.
From 2015–2025, McCormick delivered 12% organic sales growth (6% CAGR). For 2026, it expects 3–4% organic sales growth, driven by consumer momentum, pricing, cost-savings programs (CCI/GBS), and accretion from its majority stake in McCormick de Mexico, while reaffirming long-term targets of 4–6% net sales growth, 7–9% operating margin, and 8–11% EPS.

Feb 17, 2026, 10:00 PM

Transcript

McCormick reaffirms 2026 outlook and long-term targets at CAGNY 2026

MKC

Guidance Update

M&A

New Projects/Investments

McCormick reaffirmed its full-year 2026 guidance (organic sales growth of 3–4%) and long-term objectives of 4–6% net sales growth, 7–9% operating income margin, and 8–11% EPS growth.
The company closed its majority acquisition of McCormick de Mexico six weeks ago, expected to contribute ~2% to growth and accrete to earnings in 2026.
Management highlighted accelerated digital transformation—with compressed ERP deployment waves, AI-driven forecasting, and enhanced CCI/GBS cost-saving programs—to fund growth and offset inflationary pressures.
The Consumer segment is positioned for continued volume-led growth through brand marketing, packaging renovations, and innovation, while Flavor Solutions volumes are expected to recover as innovation rolls out across high-growth end markets.

Feb 17, 2026, 10:00 PM

Transcript

McCormick & Co reaffirms 2026 guidance at CAGNY

MKC

Guidance Update

M&A

Reaffirmed 2026 outlook with 3%–4% organic net sales growth, a 24% full-year tax rate, and continued volume momentum, noting Q1 tax will exceed guide due to timing of items.
Reiterated long-term objectives of 4%–6% annual net sales growth, 7%–9% operating income margin, and 8%–11% EPS growth, underpinned by margin expansion and share repurchases.
Highlighted historic performance delivering 12% organic sales growth (2015–2025) and a 6% CAGR, driven by volume-led strategies, brand marketing, and innovation.
Accelerated product innovation—doubling new product launches, including FIFA-themed mayonnaise and “Black Currant” flavor—and Frank’s RedHot Super Bowl campaign generating 2.6 billion impressions, supported by AI-enabled marketing.
Completed majority-stake acquisition of McCormick de Mexico, expected to add ~2% sales growth, alongside a 10% step-up in cost savings from ERP, AI, GBS, and CCI initiatives.

Feb 17, 2026, 10:00 PM

Transcript

McCormick issues $500 million 4.150% notes due 2029

MKC

Debt Issuance

On February 3, 2026, McCormick & Company entered into an underwriting agreement with BofA Securities, Truist Securities and Wells Fargo Securities for the issuance and sale of $500 million aggregate principal amount of 4.150% Notes due 2029.
The offering closed on February 5, 2026; net proceeds will be used to redeem a portion of the outstanding 0.90% Notes due February 15, 2026 and to pay related interest, fees and expenses.
The Notes, issued under the company’s July 8, 2011 indenture, are unsecured senior obligations bearing semi-annual interest on February 15 and August 15, callable at the company’s option and subject to a 101% repurchase price upon a change of control.

Feb 5, 2026, 9:15 PM

8-K

McCormick reports Q4 2025 results

MKC

Earnings

Guidance Update

Organic sales grew 2% in Q4, with consumer segment up 3% (1% volume, 2% pricing) and flavor solutions up 1% (2% pricing, ~1% volume decline)
Adjusted gross margin declined 120 bps due to higher commodity costs and tariffs, with recovery expected in 2026
Adjusted EPS was $0.86, +7% y/y, driven by higher operating income, lower interest expense, and a favorable tax rate
2026 outlook: organic net sales growth of 1–3%, constant currency sales growth of 12–16% (incl. McCormick de Mexico acquisition), and adjusted EPS of $3.05–$3.13

Jan 22, 2026, 1:00 PM

Transcript

McCormick reports Q4 2025 earnings and 2026 outlook

MKC

Earnings

Guidance Update

Q4 2025 total organic sales grew 2%, with Consumer organic volume up 2.1% (seventh consecutive quarter of growth) while Flavor Solutions was impacted by Latin America inventory resets.
Q4 net sales were $1,127.3 M for Consumer (+3.1% cc) and $723.1 M for Flavor Solutions (+0.7% cc); adjusted operating income was $230.8 M (+1.0% cc) and $85.8 M (+6.5% cc), respectively.
Q4 adjusted diluted EPS was $0.86, versus $0.80 in Q4 2024; FY 2025 adjusted EPS was $3.00, up 1.7% year-over-year.
2026 outlook calls for 12–16% constant currency net sales growth (including 11–13% from acquisition), organic growth of 1–3%, 15–19% cc adjusted operating income growth, and adjusted EPS of $3.05–3.13 (1–4% cc).

Jan 22, 2026, 1:00 PM

Presentation

McCormick reports Q4 2025 results

MKC

Earnings

Guidance Update

Board Change

McCormick delivered 2% organic sales growth in Q4 FY2025, driven by continued volume gains and pricing, with consumer sales up 3% and flavor solutions up 1%.
For the full year, the consumer segment achieved 2% volume-led growth, flavor solutions expanded operating margin by 90 bps, and the company generated $962 M of cash from operations while reducing leverage below 2.7×.
Q4 adjusted gross margin contracted by 120 bps (FY down 60 bps) due to higher commodity and tariff costs, which was largely offset by SG&A savings and CCI initiatives, resulting in a 3% increase in Q4 adjusted operating income.
The 2026 outlook targets 1–3% organic net sales growth (total constant-currency sales up 12–16% including McCormick de Mexico), gross margin expansion, and assumes tariff exposure of $70 M with a $50 M incremental cost impact.
Board updates include the retirement of Maritza Montiel and Tony Vernon and the appointments of Rick Dierker and Gavin Hattersley, effective at the April 2026 annual meeting.

Jan 22, 2026, 1:00 PM

Transcript

McCormick reports Q4 2025 results and 2026 outlook

MKC

Earnings

Guidance Update

Dividends

Total organic sales grew 2% in Q4, driven by consumer (+3% sales, 1% volume; 2% pricing) and flavor solutions (+1% sales; –1% volume, +2% pricing); adjusted gross margin contracted 120 bps due to higher commodity inflation and tariff costs, partially offset by CCI savings.
For FY 2025, net sales rose at the midpoint of guidance, with consumer volume up 2%, strong cash from operations reduced leverage below 2.7×, and the board approved a 7% dividend increase—continuing 102 years of payments and 40 consecutive years of hikes.
Tariff exposure was cut ~50% to $70 million, with an expected incremental cost of $50 million in 2026 to be mitigated by productivity initiatives, alternative sourcing, and targeted pricing.
2026 outlook calls for organic net sales growth of 1–3%, constant-currency sales up 12–16% including McCormick de Mexico (11–13% contribution), adjusted EPS of $3.05–$3.13, and full-year gross margin expansion from mix, CCI savings, and Mexico margins.

Jan 22, 2026, 1:00 PM

Transcript

McCormick reports Q4 2025 results and FY 2026 outlook

MKC

Earnings

Guidance Update

Dividends

Q4 net sales rose 3% year-over-year (2% organic), with EPS of $0.84 (adjusted $0.86) versus $0.80 (adjusted $0.80) in Q4 2024.
Q4 operating income was $311 million (adjusted $317 million), up from $306 million (adjusted $308 million) a year ago.
For FY 2025, net sales grew 2% (2% organic), EPS was $2.93 (adjusted $3.00) versus $2.92 (adjusted $2.95) in FY 2024, and operating income reached $1,071 million (adjusted $1,094 million).
Operating cash flow totaled $962 million, up from $922 million in FY 2024, and the board approved a 7% dividend increase, marking the 40th consecutive year of dividend hikes.
The company’s 2026 outlook targets 12–16% constant-currency net sales growth (including 11–13% from the McCormick de Mexico acquisition), 15–19% adjusted operating income growth, and 2–5% adjusted EPS growth.

Jan 22, 2026, 12:30 PM

8-K

McCormick reports FY2025 results and provides FY2026 outlook

MKC

Earnings

Guidance Update

Dividends

In Q4 2025, net sales rose 3% (1% FX benefit) and organic sales grew 2%, with EPS of $0.84 ($0.86 adjusted) versus $0.80 a year ago.
For FY 2025, net sales increased 2%, EPS was $2.93 ($3.00 adjusted), cash flow from operations reached $962 million, and the dividend was raised 7%, marking the 40th consecutive annual increase.
Operating income totaled $311 million in Q4 (FY $1,071 million), with adjusted operating income of $317 million in Q4 (FY $1,094 million).
Fiscal 2026 guidance calls for 13–17% net sales growth (12–16% constant currency), 1–3% organic sales growth, 16–20% adjusted operating income growth, and $3.05–3.13 adjusted EPS, including an 11–13% contribution from the McCormick de Mexico acquisition.

Jan 22, 2026, 11:30 AM

Press Release

Earnings Transcripts

Quarterly earnings call transcripts for MCCORMICK & CO.

Q4 2025

Jan 22, 2026

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Q3 2025

Oct 7, 2025

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Q2 2025

Jun 26, 2025

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MCCORMICK & CO (MKC)

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