Mccormick & Company, Incorporated · NYSE:MKC
Mccormick & — Q4 2025 Earnings Presentation
26 slides from Mccormick &'s earnings presentation, Jan 22, 2026
Slide 1: 4th Quarter 2025 Business Update, Financial Results, and Outlook
4 Quarter 2025 th McCormick & Company, Inc. Business Update, Financial Results, and Outlook | January 22, 2026 The following slides accompany a January 22, 2026 earnings release conference call. This information should be read in conjunction with the press release issued on that date.
Slide 2: Forward-Looking Information
FORWARD-LOOKING INFORMATION Certain information contained in this presentation, including statements concerning expected performance such as those relating to net sales, gross margin, earnings, cost savings, special charges including transaction and integration expenses, acquisitions, brand marketin
Slide 3: Brendan Foley, Chairman, President and CEO
Brendan Foley Chairman, President and Chief Executive Officer Business Update, Financial Results, and Outlook 3rd Quarter 2025 3
Slide 4: Fourth Quarter Performance
FOURTH QUARTER PERFORMANCE DIFFERENTIATED VOLUME GROWTH AND AGILITY TO NAVIGATE EXTERNAL CHALLENGES Total organic sales growth of 2%, driven by both segments Achieved seventh consecutive quarter of Consumer segment volume growth Flavor Solutions impacted by customers’ reset of inventory levels in La
Slide 5: Fourth Quarter 2025 Sales Growth
FOURTH QUARTER 2025 SALES GROWTH Areas of Success Areas of Pressure Consumer Consumer Strong volume growth in Spices and Seasonings across all regions Pressure on Americas’ recipe mixes in Mexican flavor Elasticities in-line with expectations after pricing actions in Americas Promotional timing impa
Slide 6: Fiscal Year 2025 Performance Highlights
FISCAL YEAR 2025 PERFORMANCE HIGHLIGHTS REFLECTING BUSINESS STRENGTH AND RESILIENCE Net Sales growth at midpoint of constant currency guidance driven by volume Meaningful margin expansion in Flavor Solutions despite a challenged backdrop Strong cash flow driving leverage ratio reduction, dividend gr
Slide 7: State of the Consumer and 2026 Considerations
STATE OF THE CONSUMER AND 2026 CONSIDERATIONS McCORMICK IS STRATEGICALLY ALIGNED TO WIN IN AN EVOLVING CONSUMER ENVIRONMENT Macro Environment 2026 Outlook • Value-seeking behavior sustained • Underlying profitable growth and benefiting from acquisition • Health and wellness continue to gain momentum
Slide 8: Executing on Growth Plans
EXECUTING ON GROWTH PLANS Category Management Brand Marketing Innovation Proprietary Technologies Differentiated Customer Engagement Seasonal Flavor Lookback: Trends of Fall Business Update, Financial Results, and Outlook 4th Quarter 2025 8
Slide 9: Marcos Gabriel, Executive Vice President and CFO
Marcos Gabriel Executive Vice President and Chief Financial Officer Business Update, Financial Results, and Outlook 3rd Quarter 2025 9
Slide 10: Organic Sales Results: Total McCormick
ORGANIC SALES RESULTS: TOTAL McCORMICK 4Q 2025 Organic Sales Growth Organic Sales Trend Total McCormick Total McCormick 2.1% Volume Price Total Organic 1.8% 2.0% 1.6% 1.8% 2.1% 0.2% 1.9% Consumer Flavor Solutions 3.1% 0.7% 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 Volume Price Volume Price Volume Pric
Slide 11: Organic Sales Results: Consumer Segment
ORGANIC SALES RESULTS: CONSUMER SEGMENT 4Q 2025 Total Consumer 4Q 2025 Consumer By Region 3.1% Total Organic Volume Price Americas 3.2% 1.0% 2.2% Volume Price EMEA 3.1% 0.8% 2.3% 1.0% 2.1% APAC 1.8% 1.8% 0.0% • Americas: Strong volume growth across core categories with cost inflation-related pricing
Slide 12: Organic Sales Results: Flavor Solutions Segment
ORGANIC SALES RESULTS: FLAVOR SOLUTIONS SEGMENT 4Q 2025 Total Flavor Solutions 4Q 2025 Flavor Solutions By Region 0.7% Total Organic Volume Price Americas 1.5% (1.6%) 3.1% Volume Price EMEA (3.1%) (1.3%) (1.8%) (0.9%) 1.6% APAC 2.5% 4.5% (2.0%) • Americas: Volume decline driven by customers’ reset o
Slide 13: Fourth Quarter and Fiscal Year 2025 Results
FOURTH QUARTER AND FISCAL YEAR 2025 RESULTS v. 4Q 2024 Fav/(Unfav) v. FY 2024 Fav/(Unfav) Total McCormick 4Q As Constant FY As Constant (in millions) 2025 Reported Currency 2025 Reported Currency Net Sales $1,850.4 2.9% 2.1% $6,840.3 1.7% 1.9% Adjusted Gross Profit 721.4 (0.1%) 2,594.3 0.1% % of Net
Slide 14: Segment Results
SEGMENT RESULTS v. 4Q 2024 Fav/(Unfav) v. FY 2024 Fav/(Unfav) Consumer 4Q As Constant FY As Constant (in millions) 2025 Reported Currency 2025 Reported Currency Net Sales $1,127.3 3.9% 3.1% $3,950.3 2.6% 2.4% Adjusted Operating Income $230.8 1.3% 1.0% $734.9 (0.7%) (0.6%) % of Net Sales 20.5% (50 bp
Slide 15: 2025 Adjusted Earnings Per Share
2025 ADJUSTED EARNINGS PER SHARE 4Q 2025 v. PY FY 2025 v. PY Fav/(Unfav) 1.7% Increase $0.02 $0.02 $0.86 $3.00 $0.80 $0.02 $2.95 4Q 2024 Adj Tax Interest/ 4Q 2025 FY 2024 FY 2025 Adj. EPS Operating Rate Other Adj. EPS Income Financial measures which we refer to as “adjusted” are Non-GAAP financial m
Slide 16: Balance Sheet and Cash Flow
BALANCE SHEET AND CASH FLOW Balanced Use of Cash Return to Shareholders Generated Strong Cash Flow • $483 million of cash returned to shareholders through dividends From Operations for 2025 Invest to Drive Growth $962M • Capital expenditures of $222 million in 2025 Maintain Strong and Flexible Balan
Slide 17: Mitigating 2026 Tariff Cost Exposure
MITIGATING 2026 TARIFF COST EXPOSURE Latest Exposure Estimates Mitigation Initiatives ~$70 Million Sourcing ~$50 Million Productivity initiatives Cost savings Surgical pricing Total Gross 2026 Annualized Exposure Incremental Impact Business Update, Financial Results, and Outlook 2nd Quarter 2025 17
Slide 18: 2026 Outlook
2026 OUTLOOK Reported Constant Currency Net sales growth 13% to 17% 12% to 16% Contribution from acquisition of McCormick de Mexico 11% to 13% 11% to 13% Organic sales growth1 1% to 3% Adjusted operating income growth 16% to 20% 15% to 19% Cost inflation MSD increase Adjusted gross profit margin Exp
Slide 19: 2026 Constant Currency Outlook
2026 CONSTANT CURRENCY OUTLOOK Strong Base Business & Incremental Tariff Digital / ERP Tax 2026 Acquisition Tariff Impact Mitigations Refined Plan Variance Guidance Growth Sales 12% to 16% 12% to 16% Adjusted operating income 18% to 22% -5% +5% -3% 15% to 19% Adjusted EPS 8% to 11% -6% +6% -4% -3% 1
Slide 20: Key Takeaways
KEY TAKEAWAYS ENTERING 2026 WITH TOPLINE MOMENTUM, SOLID FOUNDATION AND DISCIPLINED EXECUTION Long-term trends that fuel our categories reinforce the endurance of our portfolio Results demonstrate effective investments are driving value for consumers and customers Well positioned to sustain volume g
Slide 21: 4th Quarter 2025 Business Update, Financial Results, and Outlook
4 Quarter 2025 th McCormick & Company, Inc. Business Update, Financial Results, and Outlook | January 22, 2026 The following slides accompany a January 22, 2026 earnings release conference call. This information should be read in conjunction with the press release issued on that date.
Slide 22: Non-GAAP Financial Measures
NON-GAAP FINANCIAL MEASURES The following tables include financial measures of organic net sales, adjusted gross profit, adjusted gross profit margin, adjusted operating income, adjusted operating income margin, adjusted income tax expense, adjusted income tax rate, adjusted net income, and adjusted
Slide 23: Non-GAAP Financial Measures
NON-GAAP FINANCIAL MEASURES (in millions except per share data) Three Months Ended Year Ended 11/30/2025 11/30/2024 11/30/2025 11/30/2024 1. Gross profit margin, impact of special charges, and adjusted gross profit margin are Gross profit $ 720.3 $ 722.2 $ 2,592.2 $ 2,591.0 calculated as gross profi
Slide 24: Non-GAAP Financial Measures
NON-GAAP FINANCIAL MEASURES Because we are a multi-national company, we are subject to variability of our reported U.S. dollar results due to changes in foreign currency exchange rates. Those changes can be volatile. The exclusion of the effects of foreign currency exchange, or what we refer to as a
Slide 25: Non-GAAP Financial Measures
NON-GAAP FINANCIAL MEASURES Twelve months ended November 30, 2025 Percentage Change on Percentage Change Impact of Foreign Constant Currency as Reported Currency Exchange Basis and Organic Twelve months ended November 30, 2025 Basis Percentage Impact of Foreign Percentage Change Total net sales 1.7%
Slide 26: Non-GAAP Financial Measures
NON-GAAP FINANCIAL MEASURES To present the percentage change in projected 2026 net sales, adjusted operating income, and adjusted earnings per share (diluted) on a constant currency basis, the projected local currency net sales, adjusted operating income, and adjusted net income for entities reporti