Short answer
McCormick & Company (MKC) filed its fiscal 2025 10-K annual report with the SEC on Jan 22, 2026. It reported revenue of $6.8B (+1.7% year over year) and net income of $789M.
- Top risk flagged: Trade restrictions and tariffs risk from U.S. and global trade policies raising raw material costs, impacting product pricing and sales volume
FY2025 key financial metrics · XBRL
- Revenue
- $6.8B
- +1.7% YoY
- Net income
- $789M
- +0.1% YoY
- Operating margin
- 15.7%
- −0.1 pp YoY
- Gross margin
- 37.9%
- −0.6 pp YoY
- EPS (diluted)
- $2.93
- +0.3% YoY
- ROE
- 13.8%
- −1.1 pp YoY
- Operating cash flow
- $962M
- +4.4% YoY
Source: XBRL data from the McCormick & Company (MKC) FY2025 10-K on SEC EDGAR. USD.
McCormick & Company FY2025 10-K analysis
AI summary of each section, grounded in the filing text
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
Generated from the filing text; verify against the original. How to read a 10-K
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