McCormick & (MKC) 10-K Summary — Year Ended Nov 30, 2024
McCormick is a global flavor company with two segments: consumer and flavor solutions. Revenue grew at a slower pace in the most recent year compared to the prior year, while operating income and net income were reported.
Key takeaway
Year ended Nov 30, 2024 · FY2025 10-K
McCormick is a global flavor company with two segments: consumer and flavor solutions. Revenue grew at a slower pace in the most recent year compared to the prior year, while operating income and net income were reported.
Financial snapshot
Selected annual figures reported with the filing, shown separately from the narrative summary.
Annual revenue
$6.7B
Revenue reported for the fiscal year.
Operating income
$1.1B
Income from operations reported for the year.
Net income
$788.5M
Net income reported for the year.
Operating cash flow
$921.9M
Cash generated by operating activities.
Annual revenue trend
Reported annual revenue and its change from the preceding fiscal year.
| Period ended | Revenue | Year-over-year change |
|---|---|---|
| Nov 30, 2021 | $6.3B | n/a |
| Nov 30, 2022 | $6.4B | +0.5% |
| Nov 30, 2023 | $6.7B | +4.9% |
| Nov 30, 2024 | $6.7B | +0.9% |
Business overview
McCormick manufactures and markets spices, seasoning mixes, condiments, and other flavor products to retailers, food manufacturers, and foodservice businesses. The company operates in two segments: consumer and flavor solutions, with the consumer segment contributing a majority of net sales and operating income. Major facilities are located in North America, Europe, and China, with additional facilities in other regions.
Financial performance
For the year, the company reported revenue, operating income, net income, and operating cash flow. Revenue growth slowed compared to the prior year, as the increase was smaller than the previous year's growth. The consumer segment generated higher profit margins than the flavor solutions segment.
Material risks
The filing includes a section on risk factors, but the provided text does not contain the specific risks. The company notes that actual results could differ materially from forward-looking statements. No further details on risk factors are available in the supplied context.
Liquidity and capital
The filing references a discussion of liquidity and financial condition in the management discussion and analysis, but does not elaborate on specific capital allocation themes in the supplied excerpt. The company reported operating cash flow for the year.
What to watch
Monitor the revenue growth trajectory and segment performance in the next filing, given the highly competitive markets and the company's reliance on both consumer and flavor solutions segments.