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Other financials

Income statement

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Revenue$1.9B+16.7%
Gross profit$778.2M+25.0%
Operating income$276.4M+12.4%
Net income$150.1M-14.2%
EPS (diluted)$0.56-13.8%

Balance sheet

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Cash & equivalents$331.2M+167%
Total debt$4.9B+33.1%
Total equity$7.0B+24.9%
Total assets$16.5B+24.9%

Cash flow

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Operating cash flow$379.8M+727%
CapEx$42.7M-11.6%
Free cash flow$337.1M

Valuation

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Market cap$14.13B-24.2%
Enterprise value$18.72B-15.7%
P/E8.7×-15.3×
P/S1.9×-0.8×

Profitability

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Gross margin38.6%+0.1pp
Operating margin14.9%-0.8pp
Net margin21.9%+10.4pp
FCF margin13.8%+5.6pp

Returns & leverage

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Return on equity25.7%+11.5pp
Debt / equity0.7×0.0×
Current ratio0.8×+0.1×

Where this comes from

Reported directly by McCormick & Company, Incorporated in its filing.

Tagged under the XBRL concept us-gaap:ResearchAndDevelopmentExpense.

The source filing: McCormick & Company, Incorporated’s 10-K, filed January 22, 2026.

Filed
Jan 22, 2026, 4:30 PM EST
Fiscal year
FY2025
Accession
0000063754-26-000037

Research and development costs are expensed as incurred and are included in our consolidated income statement in the line entitled "Selling, general and administrative expense." Research and development expense was $106.1 million, $102.9 million, and $94.9 million for 2025, 2024, and 2023, respectively.

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FAQ

What is McCormick & Company, Incorporated's R&D?
McCormick & Company, Incorporated (MKC) reported R&D of $26.53M in Q3 2025.
How has McCormick & Company, Incorporated's R&D changed year-over-year?
McCormick & Company, Incorporated's R&D increased by 3.1% year-over-year, from $25.73M to $26.53M.
What is the long-term trend for McCormick & Company, Incorporated's R&D?
Over 4 years (2021 to 2025), McCormick & Company, Incorporated's R&D has grown at a 5.0% compound annual growth rate (CAGR), from $87.3M to $106.1M.
What does R&D mean?
Costs of research activities to discover new knowledge and development activities to translate research into new or improved products, services, processes, or technologies.

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