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McCormick & Company Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary22 Jan, 2026
Executive summary
Achieved 2% organic sales growth in Q4 2025, with both Consumer and Flavor Solutions segments contributing and the seventh consecutive quarter of Consumer segment volume growth.
Profitability was pressured by higher-than-expected inflation, commodity costs, and tariffs, but offset by pricing actions, cost management, and productivity initiatives.
Continued investment in supply chain, digital transformation, and brand marketing to drive future growth.
Acquisition of McCormick de Mexico strengthens global flavor leadership and is accretive to earnings, supporting the 2026 outlook.
Board authorized a 7% increase in quarterly dividend, marking 40 consecutive years of increases.
Financial highlights
Q4 2025 net sales were $1,850.4M, up 2.9% year-over-year (2.1% in constant currency); FY 2025 net sales were $6,840.3M, up 1.7% (1.9% in constant currency).
Adjusted operating income for Q4 2025 was $316.6M (up 2.9%); FY 2025 was $1,094.0M (up 2.3%).
Adjusted EPS for Q4 2025 was $0.86 (up 7.5%); FY 2025 was $3.00 (up 1.7%).
Cash flow from operations in 2025 was $962M; $483M returned to shareholders via dividends; $222M in capital expenditures.
Leverage ratio reduced, maintaining a strong and flexible balance sheet.
Outlook and guidance
2026 reported net sales growth expected at 12%–17%, with 11%–13% from the McCormick de Mexico acquisition and 1%–3% organic growth.
Adjusted operating income expected to grow 15%–20% in constant currency; adjusted EPS guidance of $3.05–$3.13, up 2%–5% year-over-year.
Gross margin expansion anticipated, with productivity savings and pricing actions to offset mid-single-digit cost inflation.
Brand marketing spend to increase low to mid-teens; ERP implementation and digital transformation investments to continue.
Tariff cost exposure for 2026 estimated at $70M, with mitigation through sourcing, productivity, and pricing.
Detail McCormick de Mexico's 2026 financial impacts
What drives 2026 gross margin expansion and headwinds?
What are the organic sales growth drivers for 2026?
ERP costs: clarify impact beyond 2026
Consumer Q1 volume elasticity drivers?
2028 Investor Day goals: still realistic?
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Next McCormick & Company earnings date
Consumer Analyst Group of New York Conference (CAGNY) 202617 Feb, 2026
McCormick & Company
Next McCormick & Company earnings date
Consumer Analyst Group of New York Conference (CAGNY) 202617 Feb, 2026
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Frequently asked questions
Flavor Products
McCormick & Co., Inc. is an American company with global operations producing a range of flavor products, including spices, seasoning mixes, condiments, and other similar items. The company serves the entire food industry, catering to retail outlets, food manufacturers, and food service businesses. It operates through two main business segments: the consumer segment and flavor solutions. The company is headquartered in Hunt Valley, Maryland, and its shares are listed on the NYSE.
Selling Door-to-door
The company’s history spans over a century, beginning in 1889 when Willoughby M. McCormick founded the company in Baltimore, Maryland. Starting with a small operation in a basement, the company initially produced flavoring extracts, juices, and syrups, which were sold door to door. The business quickly grew, necessitating a move to larger premises at the Baltimore Inner Harbor in 1903, which in turn expanded manufacturing and made shipping easier. The mid-20th century marked a significant period of innovation and expansion for McCormick. They broadened their product range to include a variety of spices, herbs, and seasonings, catering to evolving consumer tastes and the growing popularity of international cuisines. Today, the company is incredibly well-established and competes with the likes of Conagra, General Mills, and Kraft Heinz.
The Flavor Business
The flavor business segment is a critical part of its operations, focusing on the creation, marketing, and distribution of a wide range of flavor products, primarily for food and beverage manufacturers. This includes a vast array of flavors ranging from natural spices and herbs to complex seasonings and innovative flavor combinations that are used in snacks, beverages, convenience foods, and many other products.
The Consumer Segment
McCormick & Company's consumer segment is focused on manufacturing, marketing, and distributing spices, seasoning mixes, condiments, and other flavorful products directly to consumers. This segment caters to individual consumers cooking food in their homes and covers nearly everything used in a home kitchen on a regular basis.
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