Revenue growth accelerated to 16.7% in 2026Q2, yet operating margins remain constrained, fluctuating between 13.5% and 17.1% over the past ten quarters.
| 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 |
|---|
| Sales/Revenue | 7.39B | 6.84B | 6.72B | 6.66B | 6.35B | 6.32B | 5.6B | 5.35B | 5.3B | 4.73B | 4.41B | 4.3B | 4.24B | 4.12B | 4.01B | 3.7B | 3.34B | 3.19B | 3.18B | 2.92B | 2.72B | 2.59B | 2.53B | 2.27B | 2.04B | 1.94B | 2.04B | 2.01B | 1.88B | 1.8B | 1.73B |
| Revenue Growth % | 9.54% | 1.73% | 0.92% | 4.91% | 0.52% | 12.79% | 4.75% | 0.84% | 12.1% | 7.23% | 2.68% | 1.25% | 2.91% | 2.72% | 8.56% | 10.81% | 4.53% | 0.49% | 8.93% | 7.36% | 4.8% | 2.6% | 11.31% | 10.99% | 5.46% | -5.03% | 1.74% | 6.69% | 4.45% | 3.95% | -6.79% |
| Cost of Goods Sold | 4.53B | 4.25B | 4.13B | 4.16B | 4.08B | 3.82B | 3.3B | 3.2B | 3.21B | 2.94B | 2.58B | 2.56B | 2.51B | 2.46B | 2.4B | 2.18B | 1.92B | 1.86B | 1.89B | 1.72B | 1.6B | 1.56B | 1.52B | 1.37B | 1.25B | 1.2B | 1.33B | 1.23B | 1.18B | 1.12B | 1.06B |
| COGS % of Revenue | - | 62.1% | 61.46% | 62.44% | 64.18% | 60.52% | 58.93% | 59.88% | 60.52% | 62.07% | 58.48% | 59.56% | 59.22% | 59.6% | 59.7% | 58.82% | 57.51% | 58.42% | 59.45% | 59.13% | 58.97% | 60.01% | 60.1% | 60.41% | 60.9% | 61.97% | 65.16% | 61.4% | 62.59% | 62.35% | 61.43% |
| Gross Profit | 2.85B | 2.59B | 2.59B | 2.5B | 2.27B | 2.49B | 2.3B | 2.15B | 2.09B | 1.79B | 1.83B | 1.74B | 1.73B | 1.67B | 1.62B | 1.52B | 1.42B | 1.33B | 1.29B | 1.19B | 1.11B | 1.04B | 1.01B | 898.6M | 799.5M | 737.5M | 711.5M | 774.6M | 703.7M | 678M | 668.3M |
| Gross Margin % | 38.62% | 37.9% | 38.54% | 37.56% | 35.82% | 39.48% | 41.07% | 40.12% | 39.48% | 37.93% | 41.52% | 40.44% | 40.78% | 40.4% | 40.3% | 41.18% | 42.49% | 41.58% | 40.55% | 40.87% | 41.03% | 39.99% | 39.9% | 39.59% | 39.1% | 38.03% | 34.84% | 38.6% | 37.41% | 37.65% | 38.57% |
| Gross Profit Growth % | - | 0.05% | 3.54% | 10.02% | -8.82% | 8.44% | 7.23% | 2.48% | 16.68% | -2.06% | 5.43% | 0.41% | 3.87% | 2.97% | 6.26% | 7.39% | 6.82% | 3.03% | 8.09% | 6.93% | 7.52% | 2.85% | 12.16% | 12.4% | 8.41% | 3.65% | -8.15% | 10.08% | 3.79% | 1.45% | -5.99% |
| Operating Expenses | 1.72B | 1.5B | 1.53B | 1.54B | 1.41B | 1.48B | 1.3B | 1.19B | 1.2B | 1.09B | 1.19B | 1.19B | 1.13B | 1.12B | 1.04B | 982.2M | 907.9M | 860.3M | 911.7M | 837.6M | 845M | 693.1M | 675.2M | 603.1M | 537.1M | 517.9M | 486.5M | 579.7M | 518.6M | 510.3M | 516.9M |
| OpEx % of Revenue | - | 21.93% | 22.77% | 23.11% | 22.22% | 23.42% | 23.23% | 22.21% | 22.67% | 23.13% | 26.99% | 27.67% | 26.56% | 27.05% | 25.9% | 26.56% | 27.21% | 26.95% | 28.7% | 28.72% | 31.11% | 26.74% | 26.73% | 26.57% | 26.27% | 26.71% | 23.83% | 28.89% | 27.57% | 28.33% | 29.84% |
| Selling, General & Admin | 1.66B | 1.5B | 1.52B | 1.48B | 1.36B | 1.4B | 1.28B | 1.17B | 1.16B | 1.03B | 1.18B | 1.13B | 1.12B | 1.09B | 1.04B | 982.2M | 907.9M | 846.6M | 870.6M | 806.9M | 772.6M | 681.9M | 677.7M | 597.6M | 529.6M | 507.6M | 485.4M | 522.3M | 463.8M | 461M | 453.1M |
| SG&A % of Revenue | - | 21.93% | 22.62% | 22.19% | 21.37% | 22.22% | 22.88% | 21.82% | 21.94% | 21.8% | 26.63% | 26.24% | 26.44% | 26.44% | 25.9% | 26.56% | 27.21% | 26.52% | 27.41% | 27.67% | 28.44% | 26.31% | 26.83% | 26.33% | 25.9% | 26.18% | 23.77% | 26.03% | 24.66% | 25.6% | 26.15% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 87.3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | 1.38% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 2M | 0 | 9.5M | 61.2M | 53.8M | -11.9M | 19.3M | 20.8M | 38.8M | 63M | 15.7M | 61.5M | 5.2M | 25M | 0 | 0 | 0 | 13.7M | 41.1M | 30.7M | 72.4M | 11.2M | -2.5M | 5.5M | 7.5M | 10.3M | 1.1M | 57.4M | 54.8M | 49.3M | 63.8M |
| Operating Income | 1.13B | 1.09B | 1.06B | 963M | 863.6M | 1.02B | 999.5M | 957.7M | 891.1M | 699.8M | 641M | 548.4M | 603M | 550.5M | 578.3M | 540.3M | 509.8M | 466.9M | 376.5M | 354.2M | 269.6M | 343.5M | 332.7M | 295.5M | 262.4M | 219.6M | 225M | 194.9M | 185.1M | 167.7M | 151.4M |
| Operating Margin % | 15.34% | 15.96% | 15.77% | 14.45% | 13.6% | 16.07% | 17.84% | 17.91% | 16.8% | 14.79% | 14.53% | 12.76% | 14.21% | 13.35% | 14.41% | 14.61% | 15.28% | 14.63% | 11.85% | 12.15% | 9.92% | 13.25% | 13.17% | 13.02% | 12.83% | 11.32% | 11.02% | 9.71% | 9.84% | 9.31% | 8.74% |
| Operating Income Growth % | - | 2.98% | 10.1% | 11.51% | -14.92% | 1.56% | 4.36% | 7.47% | 27.34% | 9.17% | 16.89% | -9.05% | 9.54% | -4.81% | 7.03% | 5.98% | 9.19% | 24.01% | 6.3% | 31.38% | -21.51% | 3.25% | 12.59% | 12.61% | 19.49% | -2.4% | 15.44% | 5.29% | 10.38% | 10.77% | -24.71% |
| EBITDA | 1.38B | 1.32B | 1.27B | 1.16B | 1.06B | 1.2B | 1.16B | 1.12B | 1.04B | 825M | 749.7M | 654.3M | 705.7M | 656.5M | 681.1M | 638.6M | 604.9M | 561.2M | 462.1M | 436.8M | 353.9M | 418.1M | 404.7M | 360.8M | 315.8M | 280.3M | 286.3M | 252.3M | 239.9M | 217M | 215.2M |
| EBITDA Margin % | 18.68% | 19.34% | 18.88% | 17.45% | 16.76% | 19.02% | 20.79% | 20.88% | 19.65% | 17.44% | 16.99% | 15.23% | 16.63% | 15.92% | 16.97% | 17.27% | 18.13% | 17.58% | 14.55% | 14.98% | 13.03% | 16.13% | 16.02% | 15.9% | 15.44% | 14.46% | 14.02% | 12.57% | 12.75% | 12.05% | 12.42% |
| EBITDA Growth % | 7.72% | 4.26% | 9.19% | 9.22% | -11.42% | 3.17% | 4.3% | 7.17% | 26.28% | 10.04% | 14.58% | -7.28% | 7.49% | -3.61% | 6.66% | 5.57% | 7.79% | 21.45% | 5.79% | 23.42% | -15.36% | 3.31% | 12.17% | 14.25% | 12.67% | -2.1% | 13.48% | 5.17% | 10.55% | 0.84% | -18.73% |
| D&A (Non-Cash Add-back) | 183.4M | 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 | 84.3M | 74.6M | 72M | 65.3M | 53.4M | 60.7M | 61.3M | 57.4M | 54.8M | 49.3M | 63.8M |
| EBIT | 1.19B | 1.11B | 1.11B | 1.01B | 961.9M | 1.03B | 1.02B | 984.4M | 915.9M | 690.5M | 645.2M | 549.5M | 604.1M | 552.7M | 580.7M | 542.6M | 512M | 469.3M | 394.5M | 384.9M | 342M | 343.5M | 332.7M | 295.5M | 262.4M | 219.6M | 225M | 194.9M | 185.1M | 167.7M | 151.4M |
| Net Interest Income | -206.7M | -196.2M | -163.5M | -171.6M | -131.3M | -127.3M | -127.8M | -155.1M | -167.5M | -96.2M | -56M | -53.3M | -49.7M | -53.3M | -54.6M | -51.2M | -49.3M | -52.8M | -56.7M | -59.5M | -53.7M | -45.7M | -41M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 45.9M | 36.6M | 17.8M | 9.3M | 7.8M | 10.1M | 7.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 206.7M | 196.2M | 209.4M | 208.2M | 149.1M | 136.6M | 135.6M | 165.2M | 174.6M | 96.2M | 56M | 53.3M | 49.7M | 53.3M | 54.6M | 51.2M | 49.3M | 52.8M | 56.7M | 59.5M | 53.7M | 45.7M | 41M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -171M | -106.7M | -87.8M | -107.9M | -13M | -67.1M | -77.2M | -97.6M | -115M | -71.1M | -15.7M | -15.5M | -19.2M | -27.9M | -30.7M | -23.5M | -47.1M | -50.4M | -38.7M | -31.9M | -2.7M | -31.9M | -29.2M | -12.9M | -19.2M | -25.5M | -20.9M | -31.5M | -26.4M | -17.6M | -84M |
| Pretax Income | 962.2M | 985.2M | 972.5M | 855.1M | 850.6M | 948M | 922.3M | 860.1M | 776.1M | 628.7M | 625.3M | 532.9M | 583.8M | 522.6M | 547.6M | 516.8M | 462.7M | 416.5M | 337.8M | 322.3M | 266.9M | 311.6M | 303.5M | 282.6M | 243.2M | 194.1M | 204.1M | 163.4M | 158.7M | 150.1M | 67.4M |
| Pretax Margin % | 13.03% | 14.4% | 14.46% | 12.84% | 13.39% | 15% | 16.47% | 16.08% | 14.64% | 13.29% | 14.17% | 12.4% | 13.76% | 12.67% | 13.64% | 13.98% | 13.87% | 13.05% | 10.63% | 11.05% | 9.83% | 12.02% | 12.01% | 12.45% | 11.89% | 10.01% | 10% | 8.14% | 8.44% | 8.33% | 3.89% |
| Income Tax | 217.1M | 195.8M | 184M | 174.5M | 168.6M | 192.7M | 174.9M | 157.4M | -157.3M | 151.3M | 153M | 131.3M | 145.9M | 133.6M | 139.8M | 142.6M | 118M | 133M | 100.6M | 92.2M | 64.7M | 96.7M | 89M | 83.4M | 69.4M | 57M | 66.6M | 60.1M | 54.9M | 52.7M | 23.9M |
| Effective Tax Rate % | 22.56% | 19.87% | 18.92% | 20.41% | 19.82% | 20.33% | 18.96% | 18.3% | -20.27% | 24.07% | 24.47% | 24.64% | 24.99% | 25.56% | 25.53% | 27.59% | 25.5% | 31.93% | 29.78% | 28.61% | 24.24% | 31.03% | 29.32% | 29.51% | 28.54% | 29.37% | 32.63% | 36.78% | 34.59% | 35.11% | 35.46% |
| Net Income | 1.63B | 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 | 210.8M | 179.8M | 146.6M | 137.5M | 103.3M | 103.8M | 98.4M | 41.9M |
| Net Margin % | 22.05% | 11.54% | 11.73% | 10.22% | 10.74% | 11.95% | 13.34% | 13.14% | 17.6% | 10.09% | 10.71% | 9.35% | 10.32% | 9.43% | 10.16% | 10.12% | 11.09% | 9.39% | 8.05% | 7.89% | 7.44% | 8.29% | 8.49% | 9.29% | 8.79% | 7.56% | 6.73% | 5.15% | 5.52% | 5.46% | 2.42% |
| Net Income Growth % | 109.97% | 0.11% | 15.85% | -0.21% | -9.7% | 1.06% | 6.36% | -24.72% | 95.52% | 1.08% | 17.6% | -8.29% | 12.57% | -4.61% | 8.98% | 1.08% | 23.48% | 17.2% | 11.17% | 13.8% | -5.91% | 0.19% | 1.76% | 17.24% | 22.65% | 6.62% | 33.11% | -0.48% | 5.49% | 134.84% | -57.07% |
| Net Income (Continuing) | 745.1M | 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 | 344.7M | 283.5M | 237.2M | 230.1M | 202.2M | 214.9M | 214.5M | 199.2M | 173.8M | 137.1M | 137.5M | 103.3M | 103.8M | 97.4M | 43.5M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 21.5M | 25.4M | 25.5M | 16.3M | 18.6M | 0 | 0 | 0 | 0 | 13.7M | 6M | 9.5M | 0 | 0 | 0 | 1M | 6.2M |
| Minority Interest | 577.7M | 31.6M | 25.8M | 22.8M | 18.7M | 14.5M | 13.9M | 12.5M | 11.3M | 11M | 11.5M | 16.7M | 17.2M | 15.2M | 17.3M | 16.8M | 9M | 8.9M | 0 | 0 | 3.6M | 29.2M | 30.96M | 22.25M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 6.05 | 2.93 | 2.92 | 2.52 | 2.52 | 2.80 | 2.78 | 2.62 | 3.50 | 1.86 | 1.85 | 1.56 | 1.67 | 1.46 | 1.52 | 1.40 | 1.38 | 1.14 | 0.97 | 0.86 | 0.75 | 0.78 | 0.76 | 0.74 | 0.63 | 0.52 | 0.49 | 0.36 | 0.35 | 0.39 | 0.13 |
| EPS Growth % | 108.68% | 0.34% | 15.87% | 0% | -10% | 0.72% | 6.11% | -25.14% | 88.17% | 0.54% | 18.59% | -6.59% | 14.38% | -3.95% | 8.57% | 1.45% | 21.05% | 17.53% | 12.79% | 14.67% | -3.85% | 2.63% | 2.7% | 17.46% | 21.15% | 6.12% | 36.11% | 2.86% | -10.26% | 200% | -56.67% |
| EPS (Basic) | - | 2.94 | 2.94 | 2.54 | 2.54 | 2.83 | 2.80 | 2.65 | 3.55 | 1.89 | 1.87 | 1.57 | 1.69 | 1.47 | 1.54 | 1.41 | 1.40 | 1.15 | 0.99 | 0.89 | 0.77 | 0.80 | 0.78 | 0.76 | 0.64 | 0.53 | 0.50 | 0.36 | 0.36 | 0.39 | 0.13 |
| Diluted Shares Outstanding | 269.2M | 269.3M | 269.6M | 269.8M | 270.2M | 269.9M | 269.1M | 268.2M | 266.69M | 256.8M | 256M | 258.4M | 262M | 267.2M | 268.6M | 268.6M | 269.4M | 264.6M | 263.6M | 266.01M | 269.6M | 275.51M | 282.24M | 284.86M | 285.4M | 280.11M | 277.78M | 288.95M | 294.47M | 255.37M | 312.82M |
| Basic Shares Outstanding | 269.2M | 268.6M | 268.5M | 268.4M | 268.2M | 267.3M | 266.5M | 265.2M | 262.93M | 253.6M | 253.2M | 256M | 259.8M | 264.2M | 265.4M | 265.4M | 265.8M | 261.6M | 258M | 258.54M | 264.31M | 268.63M | 273.25M | 279.21M | 278.76M | 275.7M | 275M | 284.97M | 292.39M | 255.37M | 312.82M |
| Dividend Payout Ratio | - | 61.19% | 57.2% | 61.49% | 58.17% | 48.1% | 44.17% | 43.01% | 29.29% | 49.77% | 46.11% | 51.02% | 43.94% | 46.25% | 40.39% | 39.68% | 37.33% | 41.83% | 44.37% | 45.02% | 46.98% | 40.11% | 35.85% | 30.41% | 32.59% | 37.59% | 38.04% | 47.14% | 45.18% | 46.24% | 108.11% |
Input Cost Volatility
According to the latest quarterly data, MKC achieved a 16.7% year-over-year revenue growth rate in 2026Q2, marking a significant departure from the low-single-digit growth observed throughout 2024 and early 2025, suggesting a potential shift in volume demand or successful implementation of recent pricing strategies.
The recent jump in top-line performance warrants investigation into whether this is driven by sustainable volume gains or temporary promotional activity. Investors should monitor if this growth trajectory can be maintained without sacrificing the long-term brand equity that typically supports the company's premium positioning.
As reported in financial statements, the company maintained a gross margin of 40.2% in 2026Q2, reflecting a resilient ability to manage input costs despite the inherent volatility in global spice and ingredient markets that often pressure packaged food manufacturers during periods of supply chain disruption.
The consistency in gross margins suggests that the company possesses sufficient pricing power to offset commodity inflation. However, the reliance on high-margin branded products remains critical to sustaining these levels, as any shift toward lower-margin industrial solutions could compress overall profitability.
Based on MKC's reported figures, operating margins have fluctuated between 13.5% and 17.1% over the last ten quarters, indicating that the company has struggled to consistently scale operating income faster than gross profit, likely due to persistent overhead requirements and ongoing investment in marketing and distribution.
The lack of clear operating leverage suggests that the company's cost structure is relatively fixed, requiring significant revenue growth to drive meaningful margin expansion. Analysts should evaluate whether current SG&A spending is effectively supporting long-term growth or if it represents an inefficiency in the current operating model.
Analysis of the income statement reveals significant quarterly variance in net income, highlighted by a 54.2% net margin in 2026Q1, which appears to be an anomaly likely driven by non-operating items rather than core operational performance, necessitating a cautious approach when evaluating normalized earnings power.
The discrepancy between operating income and net income suggests that non-operating factors, such as tax adjustments or one-time gains, are distorting the bottom line. Investors should focus on operating income trends to better gauge the underlying health of the business, as EPS figures may be misleading.
While recent revenue growth appears robust, historical data suggests that MKC has frequently struggled to sustain mid-teen growth rates, raising concerns that the current performance may be a temporary spike rather than a fundamental shift in the company's long-term growth trajectory within the packaged food industry.
Short-term growth acceleration often invites scrutiny regarding the sustainability of promotional spending and its impact on future margins. If the recent revenue gains are not supported by underlying volume growth in core categories, the company may face a difficult comparison in subsequent quarters.
Quick answers to the most common questions about buying MKC stock.
For fiscal year 2025, McCormick & Company, Incorporated (MKC) reported total revenue of $6.84B. This represents a 294.8% increase compared to $1.73B in 1996.
McCormick & Company, Incorporated (MKC) is profitable, generating $789.4M in net income for the fiscal year ending 2025 with a net profit margin of 11.5%.
McCormick & Company, Incorporated (MKC) reported an operating income of $1.09B, resulting in an operating profit margin of 16.0%. This margin reflects the operational efficiency of the business before interest and taxes.
McCormick & Company, Incorporated (MKC) generated $2.59B in gross profit for the year, representing a gross profit margin of 37.9%. This demonstrates the company's core pricing power and production efficiency.