Free cash flow generation remains highly inconsistent, with margins fluctuating from a negative 0.1% in 2025Q2 to a peak of 36.0% in 2024Q4, complicating long-term capital allocation visibility.
| Metric | TTM | Nov'25 | Nov'24 | Nov'23 | Nov'22 | Nov'21 | Nov'20 | Nov'19 | Nov'18 | Nov'17 | Nov'16 | Nov'15 | Nov'14 | Nov'13 | Nov'12 | Nov'11 | Nov'10 | Nov'09 | Nov'08 | Nov'07 | Nov'06 | Nov'05 | Nov'04 | Nov'03 | Nov'02 | Nov'01 | Nov'00 | Nov'99 | Nov'98 | Nov'97 | Nov'96 |
|---|
| Cash from Operations | 1.23B | 962.2M | 921.9M | 1.24B | 651.5M | 828.3M | 1.04B | 946.8M | 821.2M | 815.3M | 658.1M | 590M | 503.6M | 465.2M | 455M | 340M | 387.5M | 415.8M | 314.6M | 224.5M | 310.8M | 339.2M | 349.5M | 190.8M | 223.7M | 204.5M | 202M | 229.3M | 144M | 181.2M | 201.7M |
| Operating CF Margin % | - | 14.07% | 13.71% | 18.57% | 10.26% | 13.11% | 18.59% | 17.71% | 15.49% | 16.87% | 14.92% | 13.73% | 11.87% | 11.28% | 11.33% | 9.2% | 11.61% | 13.03% | 9.9% | 7.7% | 11.44% | 13.09% | 13.84% | 8.41% | 9.64% | 8.62% | 9.51% | 11.43% | 7.66% | 10.06% | 11.64% |
| Operating CF Growth % | 749.73% | 4.37% | -25.49% | 89.92% | -21.34% | -20.46% | 9.98% | 15.29% | 0.72% | 23.89% | 11.54% | 17.16% | 8.25% | 2.24% | 33.82% | -12.26% | -6.81% | 32.17% | 40.13% | -27.77% | -8.37% | -2.95% | 83.18% | -14.71% | 9.39% | 1.24% | -11.91% | 59.24% | -20.53% | -10.16% | 239.56% |
| Net Income | 1.62B | 789.4M | 788.5M | 680.6M | 682M | 755.3M | 747.4M | 702.7M | 933.4M | 477.4M | 472.3M | 401.6M | 437.9M | 389M | 407.8M | 374.2M | 370.2M | 299.8M | 255.8M | 230.1M | 202.2M | 214.9M | 214.5M | 199.2M | 179.8M | 146.6M | 137.5M | 103.3M | 103.8M | 98.4M | 49.7M |
| Depreciation & Amortization | 256.9M | 231.3M | 208.8M | 199.3M | 200.6M | 186.3M | 165M | 158.8M | 150.7M | 125.2M | 108.7M | 105.9M | 102.7M | 106M | 102.8M | 98.3M | 95.1M | 94.3M | 85.6M | 82.6M | 86.8M | 74.6M | 72M | 65.3M | 66.8M | 73M | 61.3M | 57.4M | 54.8M | 49.3M | 63.8M |
| Stock-Based Compensation | 45.9M | 46.2M | 47.4M | 63.4M | 60.3M | 66.6M | 46M | 37.2M | 25.6M | 23.9M | 25.6M | 18.7M | 18.2M | 18.7M | 20.2M | 13M | 11.9M | 12.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -5.7M | -6.5M | -30.3M | -5.4M | 21.8M | 36M | -11.2M | 20.9M | -269.3M | 24.1M | -40M | 1M | 6.1M | -15.3M | 24.3M | 38M | 10.5M | 24M | -8.8M | -12M | -26M | 5.9M | -1.7M | 15.6M | 21.1M | 2.2M | -5.1M | 9.3M | 2M | 18.9M | -26.4M |
| Other Non-Cash Items | -766.8M | -14.5M | -9.5M | 30.1M | -57.5M | 6.9M | -8.5M | -10.8M | -10M | 28.1M | 10M | 27.2M | -7.1M | 22M | -30.2M | -47.2M | -7.6M | -29.1M | 47.2M | 21.4M | 24.9M | 29.2M | 9.6M | -32.2M | 19.1M | 18.4M | 10.7M | 8M | 9.8M | 100K | 100K |
| Working Capital Changes | 60.5M | -83.7M | -83M | 269.3M | -255.7M | -222.8M | 102.6M | 38M | -9.2M | 136.6M | 81.5M | 35.6M | -54.2M | -55.2M | -69.9M | -136.3M | -92.6M | 14.1M | -37.1M | -96.5M | 69.6M | 35.2M | 69.7M | -68.7M | -41.1M | -26.4M | 15.2M | 44.1M | -22.2M | 22.6M | 59.6M |
| Change in Receivables | 91.5M | -14.7M | -20.5M | 3.4M | -45.8M | -22.6M | 4.8M | 12.2M | 19.8M | -13M | -21M | 15.6M | -16.4M | -29.2M | -38.8M | -8.6M | -38.2M | 45.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 36.7M | 23.9M | -125M | 225M | -205.3M | -153.7M | -200.2M | -20.9M | -10M | 44.6M | -39M | -18M | -54.4M | -59.9M | 1.2M | -111.3M | -26.8M | 17.7M | -27.4M | -7.9M | -42.3M | -3M | 33.8M | -50M | -20.2M | -3.3M | -9.8M | 16M | -1.7M | -13.7M | 21.8M |
| Change in Payables | 105.9M | 1.2M | 135.1M | -68.1M | 125.3M | 34.9M | 164.2M | 128.2M | 72.8M | 98.2M | 47M | 40.4M | -6.7M | 12.1M | 8.2M | 49.3M | 10.5M | 4.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -955.1M | -255.2M | -269M | -260.5M | -146.4M | -908.6M | -1.03B | -171M | -158.5M | -4.51B | -267.1M | -338.9M | -131.6M | -239.7M | -109M | -537.5M | -129.7M | -81.8M | -747M | -92.8M | -172.1M | -77M | -141.5M | -100.7M | -105.6M | -111.9M | -442.6M | -45.9M | -62.6M | -46.7M | 187.9M |
| Capital Expenditures | -35.4M | -221.8M | -274.9M | -263.9M | -262M | -278M | -225.3M | -173.7M | -169.1M | -182.4M | -153.8M | -128.4M | -132.7M | -99.9M | -110.3M | -96.7M | -89M | -82.4M | -85.8M | -78.5M | -84.8M | -73.8M | -69.8M | -91.6M | -110.7M | -112.1M | -53.6M | -49.3M | -63.7M | -43.9M | -74.7M |
| CapEx % of Revenue | 0.48% | 3.24% | 4.09% | 3.96% | 4.13% | 4.4% | 4.02% | 3.25% | 3.19% | 3.77% | 3.49% | 2.99% | 3.13% | 2.42% | 2.75% | 2.62% | 2.67% | 2.58% | 2.7% | 2.69% | 3.12% | 2.85% | 2.76% | 4.04% | 4.77% | 4.72% | 2.52% | 2.46% | 3.39% | 2.44% | 4.31% |
| Acquisitions | -744.2M | -34.1M | 0 | 1M | 95.2M | -641M | -803M | 0 | -4.2M | -4.33B | -116.4M | -210.9M | 0 | -142.3M | 0 | -441.4M | -46.9M | 0 | -679.3M | -15.9M | -102.6M | -5.5M | -74.5M | -202.9M | -1.4M | 0 | -386.6M | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -175.5M | 700K | 5.9M | 2.4M | 20.4M | 10.4M | 2.7M | 2.7M | 14.8M | 1.5M | 3.1M | 400K | 1.1M | 2.5M | 1.3M | 600K | 6.2M | 600K | 18.1M | 1.6M | 6.1M | 2.3M | 2.8M | 193.8M | 6.5M | 200K | -2.4M | 3.4M | 1.1M | -2.8M | 262.6M |
| Cash from Financing | -95.3M | -840.9M | -583.1M | -1.18B | -487.2M | 22M | 220.9M | -725.8M | -751.1M | 3.76B | -371.5M | -199.6M | -348.9M | -245.9M | -324.3M | 187.8M | -261.1M | -341.8M | 433.4M | -152.1M | -127.2M | -294.4M | -178.4M | -131.3M | -111.6M | -85.4M | 254.6M | -188.5M | -77M | -145.2M | -380.8M |
| Debt Issued (Net) | 820.4M | -366.6M | -94.5M | -736.3M | -73.7M | 397.7M | 555.8M | -447.7M | -772M | 3.58B | 55.7M | 118M | 56.1M | -5.2M | -80.5M | 367.6M | -114M | -252.2M | 509.1M | 65.5M | 77.2M | -67.6M | 19.3M | 16.4M | -74.4M | -47.6M | 370.2M | -70.4M | 18.8M | 4.5M | -265.2M |
| Equity Issued (Net) | 28.2M | -13.9M | -53.1M | -35.7M | -38.8M | -24M | -60.3M | -95.1M | -62.3M | -143.6M | -242.7M | -145.8M | -244.3M | -177.4M | -79.1M | -89.3M | -82.5M | 0 | -11M | -114M | -109.4M | -140.6M | -120.8M | -83.6M | 21.4M | 17.3M | -63.3M | -69.4M | -48.9M | -104.2M | -70.2M |
| Dividends Paid | -484.8M | -483M | -451M | -418.5M | -396.7M | -363.3M | -330.1M | -302.2M | -273.4M | -237.6M | -217.8M | -204.9M | -192.4M | -179.9M | -164.7M | -148.5M | -138.2M | -125.4M | -113.5M | -103.6M | -95M | -86.2M | -76.9M | -64.1M | -58.6M | -55.1M | -52.3M | -48.7M | -46.9M | -45.5M | -45.3M |
| Share Repurchases | -19.2M | -34.8M | -53.1M | -35.7M | -38.8M | -8.6M | -47.3M | -107.8M | -73.9M | -137.8M | -242.7M | -145.8M | -244.3M | -177.4M | -132.2M | -89.3M | -82.5M | 0 | -11M | -157M | -155.9M | -185.6M | -173.8M | -120.6M | -6.8M | -11.9M | -72.3M | -81M | -63M | -111.2M | -74.7M |
| Other Financing | -459.1M | 22.6M | 15.5M | 6.3M | 22M | 11.6M | 55.5M | 119.2M | 356.6M | 554.9M | 33.3M | 33.1M | 31.7M | 116.6M | 0 | 58M | 73.6M | 35.8M | 48.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -100K |
| Net Change in Cash | 207.1M | -90.2M | 19.5M | -167.4M | -17.7M | -71.9M | 268.2M | 58.8M | -90.2M | 68.4M | 5.8M | 35.3M | 14.3M | -16M | 25.1M | 3.1M | 11.3M | 600K | -7M | -3.1M | 18.7M | -40M | 45.2M | -22.2M | 16M | 7.4M | 11.9M | -5.7M | 4.2M | -8.8M | 9.9M |
| Free Cash Flow | 1.23B | 740.4M | 647M | 973.4M | 389.5M | 550.3M | 816M | 773.1M | 652.1M | 632.9M | 504.3M | 461.6M | 370.9M | 365.3M | 344.7M | 243.3M | 298.5M | 333.4M | 228.8M | 146M | 226M | 265.4M | 279.7M | 99.2M | 113M | 92.4M | 148.4M | 180M | 80.3M | 137.3M | 127M |
| FCF Margin % | 16.7% | 10.82% | 9.62% | 14.61% | 6.13% | 8.71% | 14.57% | 14.46% | 12.3% | 13.09% | 11.43% | 10.74% | 8.74% | 8.86% | 8.59% | 6.58% | 8.95% | 10.44% | 7.2% | 5.01% | 8.32% | 10.24% | 11.07% | 4.37% | 4.87% | 3.89% | 6.99% | 8.97% | 4.27% | 7.62% | 7.33% |
| FCF Growth % | 49.17% | 14.44% | -33.53% | 149.91% | -29.22% | -32.56% | 5.55% | 18.56% | 3.03% | 25.5% | 9.25% | 24.45% | 1.53% | 5.98% | 41.68% | -18.49% | -10.47% | 45.72% | 56.71% | -35.4% | -14.85% | -5.11% | 181.96% | -12.21% | 22.29% | -37.74% | -17.56% | 124.16% | -41.51% | 8.11% | 659.47% |
| FCF per Share | 4.58 | 2.75 | 2.40 | 3.61 | 1.44 | 2.04 | 3.03 | 2.88 | 2.45 | 2.46 | 1.97 | 1.79 | 1.42 | 1.37 | 1.28 | 0.91 | 1.11 | 1.26 | 0.87 | 0.55 | 0.84 | 0.96 | 0.99 | 0.35 | 0.40 | 0.33 | 0.53 | 0.62 | 0.27 | 0.54 | 0.41 |
| FCF Conversion (FCF/Net Income) | 0.76x | 1.22x | 1.17x | 1.82x | 0.96x | 1.10x | 1.39x | 1.35x | 0.88x | 1.71x | 1.39x | 1.47x | 1.15x | 1.20x | 1.12x | 0.91x | 1.05x | 1.39x | 1.23x | 0.98x | 1.54x | 1.58x | 1.63x | 0.91x | 1.24x | 1.39x | 1.47x | 2.22x | 1.39x | 1.84x | 4.81x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 57.5M | 52.2M | 50M | 54.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 151M | 111.5M | 129M | 106.3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Working Capital Volatility
As reported in recent financial filings, the OCF/NI ratio for MKC-V exhibits extreme variance, ranging from a low of 0.05 in 2026Q1 to a high of 2.53 in 2026Q2, suggesting that reported net income is a poor proxy for the company's actual cash-generating capacity.
The significant divergence between net income and operating cash flow indicates that non-cash items and timing differences in accruals are heavily distorting the bottom line. Investors should monitor whether this instability reflects genuine operational friction or merely accounting noise related to the company's complex global supply chain.
Based on the provided cash flow data, free cash flow margins have fluctuated wildly from a negative 0.1% in 2025Q2 to a peak of 36.0% in 2024Q4, highlighting a lack of consistent cash conversion that complicates long-term valuation modeling for the firm.
The erratic nature of FCF suggests that the company's cash generation is highly sensitive to quarterly working capital swings rather than steady operational performance. This volatility warrants further investigation into whether the business model is truly as defensive as its consumer staples classification implies.
According to the quarterly cash flow statements, working capital changes have been highly erratic, swinging from a $190.5 million outflow in 2026Q1 to a $237.9 million inflow in 2025Q4, which suggests significant challenges in managing inventory and receivables across the global distribution network.
These large, inconsistent swings in working capital appear to be the primary driver of the company's volatile cash flow profile. Such fluctuations may indicate that the company is struggling to align its production cycles with the actual demand patterns of its retail and industrial partners.
As evidenced by the consistent dividend payments exceeding $110 million per quarter, MKC-V maintains a rigid commitment to shareholder distributions despite the underlying volatility in its operating cash flow, which may limit the company's financial flexibility during periods of operational stress.
The reliance on dividends as a primary use of cash, even when FCF is compressed, suggests a management strategy focused on maintaining investor sentiment. This approach may leave the company with less capital to reinvest in growth initiatives or to buffer against potential commodity-driven margin compression.
Quick answers to the most common questions about buying MKC-V stock.
McCormick & Company, Incorporated (MKC-V) generated $962.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
McCormick & Company, Incorporated (MKC-V) generated $740.4M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
McCormick & Company, Incorporated (MKC-V) spent $221.8M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, McCormick & Company, Incorporated (MKC-V) returned $483.0M to shareholders via cash dividends and spent $34.8M on share repurchases. This shows the company's commitment to returning capital to its equity investors.