McCormick & Company (MKC) FY2025 10-K Annual Report
McCormick & Company (MKC) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Jan 22, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
McCormick & Company FY2025 10-K Analysis
Business Overview
- • Core business model: Global producer and marketer of spices, seasonings, and flavor solutions for consumer and food industry customers
- • New focus on digital marketing to enhance personalized consumer engagement and improve brand marketing ROI
- • Strategic acquisition raised ownership in McCormick de Mexico to 75% for $750 million, enabling growth and Latin America expansion
- • Operating income rose 1.0% to $1,070.8 million with adjusted operating income up 2.3%, driven by CCI cost savings and pricing actions
- • Special charges increased in 2025, reducing EPS by $0.07 vs $0.03 in 2024, impacting earnings despite operational gains
Management Discussion & Analysis
- • Revenue $6,840.3M in 2025, up 1.7% YoY from $6,723.7M in 2024, organic growth 1.9%, pricing +0.7%, volume/product mix +1.2%
- • Gross profit $2,592.2M in 2025 flat YoY; gross margin down 60 bps to 37.9% from 38.5% in 2024 due to commodity costs and unfavorable mix
- • Consumer segment volume/mix up 2.1%, best performer; Flavor Solutions down 0.2%, worst performer
- • SG&A $1,500.3M in 2025, down $20.9M YoY, SG&A margin 21.9% vs 22.6% in 2024; lower compensation and distribution costs offset by higher marketing spend
- • 2026 outlook: net sales +13-17% driven by McCormick de Mexico acquisition (11-13%), organic +1-3%; adjusted operating income +16-20%; adjusted EPS $3.05-$3.13 (+2-5%)
Risk Factors
- • Trade restrictions and tariffs risk from U.S. and global trade policies raising raw material costs, impacting product pricing and sales volume
- • Geopolitical conflicts causing supply chain disruptions and increased costs, with uncertain duration and scope affecting operations globally
- • Concentrated production risk with key products made at single locations, vulnerable to natural disasters or other disruptions
- • Competitive pressure from private label brands and rivals using AI and advanced analytics, threatening brand relevance and market share
- • Customer concentration risk with two large customers accounting for ~24% of 2025 sales, loss or relationship damage could materially harm results
McCormick & Company FY2025 Key Financial MetricsXBRL
Revenue
$6.8B
▲ +1.7% YoY
Net Income
$789M
▲ +0.1% YoY
Gross Margin
37.9%
▼ -64bp YoY
Operating Margin
15.7%
▼ -12bp YoY
Net Margin
11.5%
▼ -19bp YoY
ROE
13.8%
▼ -114bp YoY
Total Assets
$13.2B
▲ +1.0% YoY
EPS (Diluted)
$2.93
▲ +0.3% YoY
Operating Cash Flow
$962M
▲ +4.4% YoY
Source: XBRL data from McCormick & Company FY2025 10-K filing on SEC EDGAR. All figures in USD.
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