McCormick & Company, Inc. (MKC) reported results for the fourth quarter and fiscal year ended November 30, 2025. The company delivered modest top-line growth in the quarter and full fiscal year with incremental increases in profitability metrics compared to the prior year.
Quarterly Net Sales
Net sales for the fourth quarter of fiscal 2025 increased 3% compared with the fourth quarter of 2024. Growth included a 1 percentage point favorable impact from foreign currency. Organic sales, excluding currency effects, increased 2% year-over-year. The sales increase was driven by a combination of volume gains and pricing actions.
Profitability
Reported earnings per share (EPS) for Q4 2025 were $0.84, up from $0.80 in the fourth quarter of fiscal 2024. Adjusted EPS, excluding certain charges, was $0.86 compared with $0.80 in the prior year quarter.
Operating income for Q4 2025 was $311 million, compared with $306 million in the year-ago quarter. Adjusted operating income was $317 million in the quarter versus $308 million in Q4 2024.
Gross profit for the quarter showed a slight decline in absolute terms compared to the year-ago period and gross profit margin contracted 130 basis points. Excluding special charges, adjusted gross profit margin contraction was 120 basis points, primarily reflecting elevated commodity costs and tariffs.
Full Year 2025 Results
For the full fiscal year 2025, McCormick reported net sales growth of 2% compared with fiscal 2024 with minimal impact from currency. Organic sales grew by the same rate as reported sales. Volume increases and pricing contributed to the annual sales improvement.
Reported EPS for the full year was $2.93, slightly above the $2.92 recorded in 2024. On an adjusted basis, full-year EPS was $3.00 in 2025 compared with $2.95 in 2024.
Operating income for the year increased to $1,071 million, up from $1,060 million in 2024. Adjusted operating income rose to $1,094 million in fiscal 2025, compared with $1,070 million in the prior year. Cash flow from operations was $962 million, up from $922 million in 2024.
Segment Performance (Annual)
The Consumer segment recorded a 2% increase in net sales for fiscal 2025 compared with 2024. Flavor Solutions segment net sales were comparable to the prior year, with a slight negative impact from currency. Organic sales in the Flavor Solutions segment improved modestly.
Segment operating income results showed divergent trends. Consumer segment operating income decreased on an adjusted basis compared to 2024 while Flavor Solutions operating income grew on both a reported and constant currency basis.
Dividend and Shareholder Returns
During fiscal 2025, the Board of Directors approved a 7% increase in the quarterly dividend marking the 40th consecutive year of annual dividend increases.
Trading and Market Context
McCormick’s results reflected ongoing cost pressures from commodity input costs and trade tariffs, which contributed to margin compression in the quarter. The company’s sales growth was positive but modest, both for the quarter and the full fiscal year.