$MKC

MCCORMICK & CO INC

CIK:0000063754|SEC Filings

CONDENSED CONSOLIDATED INCOME STATEMENT (UNAUDITED) - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Aug. 31, 2026	Aug. 31, 2025	Aug. 31, 2026	Aug. 31, 2025
Income Statement [Abstract]
Net sales	$ 2,024.8	$ 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 non-controlling 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 (usd per share)	$ 0.36	$ 0.84	$ 4.70	$ 2.10
Earnings per share - diluted (usd per share)	$ 0.36	$ 0.84	$ 4.69	$ 2.09
Average shares outstanding - basic (shares)	269.3	268.6	269.1	268.5
Average shares outstanding - diluted (shares)	269.4	269.3	269.3	269.4
Cash dividends paid per common share (usd per share)	$ 0.48	$ 0.45	$ 1.44	$ 1.35

CONDENSED CONSOLIDATED CASH FLOW STATEMENT (UNAUDITED) - USD ($) $ in Millions	9 Months Ended
	Aug. 31, 2026	Aug. 31, 2025
Operating activities
Net income	$ 1,290.1	$ 567.1
Adjustments to reconcile net income to net cash flow provided by operating activities:
Depreciation and amortization	213.1	172.1
Stock-based compensation	34.5	37.3
Amortization of inventory fair value adjustments associated with acquisition	15.0	0.0
Asset impairments included in special charges	43.1	0.0
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)	0.0
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)	0.0
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	(10.9)	(29.2)
Dividends paid	(387.0)	(362.2)
Dividends paid to joint venture partners	(20.8)	0.0
Other financing activities	21.6	11.3
Net cash flow provided by (used in) financing activities	490.3	(378.3)
Effect of exchange rate changes on cash and cash equivalents	7.2	39.1
Increase (decrease) in cash and cash equivalents	235.2	(91.2)
Cash and cash equivalents at beginning of period	95.9	186.1
Cash and cash equivalents at end of period	$ 331.1	$ 94.9

CONDENSED CONSOLIDATED BALANCE SHEET - USD ($) $ in Millions	Aug. 31, 2026	Nov. 30, 2025
ASSETS
Cash and cash equivalents	$ 331.1	$ 95.9
Trade accounts receivable, net of allowances	831.5	628.9
Inventories, net
Finished products	721.1	629.1
Raw materials and work-in-process	725.0	642.9
Total inventory	1,446.1	1,272.0
Prepaid expenses and other current assets	296.1	141.3
Total current assets	2,904.8	2,138.1
Property, plant and equipment, net	1,537.7	1,448.8
Goodwill	6,303.9	5,301.3
Intangible assets, net	4,958.9	3,293.1
Other long-term assets	945.3	1,019.1
Total assets	16,650.6	13,200.4
LIABILITIES AND SHAREHOLDERS’ EQUITY
Short-term borrowings	1,340.2	381.4
Current portion of long-term debt	771.9	509.1
Trade accounts payable	1,481.3	1,259.4
Other accrued liabilities	826.6	912.3
Total current liabilities	4,420.0	3,062.2
Long-term debt	2,906.1	3,105.8
Deferred taxes	1,323.0	835.8
Other long-term liabilities	414.4	428.5
Total liabilities	9,063.5	7,432.3
Shareholders’ equity
Retained earnings	4,811.5	3,816.4
Accumulated other comprehensive loss	(138.0)	(363.1)
Total McCormick & Company shareholders’ equity	7,003.3	5,736.5
Non-controlling interests	583.8	31.6
Total shareholders’ equity	7,587.1	5,768.1
Total liabilities and shareholders’ equity	16,650.6	13,200.4
Common stock
Shareholders’ equity
Common stock	580.3	582.4
Common stock non-voting
Shareholders’ equity
Common stock	$ 1,749.5	$ 1,700.8