On this page of StockholderLetter.com we present the latest annual shareholder letter from MCCORMICK & CO INC — ticker symbol MKC. Reading current and past MKC letters to shareholders can bring important insights into the investment thesis.
OURBEST SP GOURMET ORGANIC GROUND ALLSPICE COLLECTION 1.5 OZ
Table of Contents 02 Letter to Shareholders 09 Board of Directors 10 Form 10-K Investor Information on Inside Back Cover Our performance in 2025 demonstrated 2025 Annual Report Scent: Organic Allspice Allspice delivers a warm, aromatic depth that instantly enriches every bite. We start with organic berries of a tropical evergreen tree. With warm notes from nutmeg, cloves, and cinnamon, allspice is essential for sweet and savory cooking. the strength and resilience of our business. As we move into 2026, we are operating from a position of strength with momentum, a solid foundation, and a clear focus on sustainable, profitable growth.
Dear Shareholders, Reflecting on 2025, I am proud of our strong performance, continued resilience, and sustained focus on delivering on our strategic priorities. Together, we have driven differentiated, volume-led growth across our business, which underscores the success of our investments in brand marketing, innovation, and expanded distribution and highlights our disciplined execution of cost management and efficiency initiatives. 2026 will be a year of sustained momentum as we build on our achievements from 2025, remain focused on the consumer and our customers, and stay committed to delivering value, flavor, and quality while maintaining our volumes and protecting our profitability. Executive Officers Driving Differentiated Results Flavor makes food exciting, satisfying, and personal, and the global demand for it remains strong. As a global leader in flavor, this demand is the foundation of our sales growth. In 2025, we grew sales by 2%1 despite a softer food industry environment. Our Consumer segment delivered volume-led sales growth of 2%1 while our Flavor Solutions segment increased sales by 1%1 that were driven primarily by pricing actions to offset inflation. In a year marked by shifting trade dynamics and inflationary pressure, our disciplined execution of cost management and efficiency initiatives enabled us to deliver adjusted operating income growth of 3%1 and adjusted operating margin expansion for the full year while continuing to invest in the business to drive future growth. On the bottom line, adjusted earnings per share rose 2% to $3.00,1 primarily driven by adjusted operating income growth. Cash flow from operations in 2025 was strong, reaching $962 million. Our commitment to a balanced use of cash continues, prioritizing investments to drive profitable growth, returning a significant portion to shareholders through dividends, and maintaining a strong and flexible balance sheet. At the end of 2025, our Board of Directors authorized a 7% increase in the quarterly dividend, reflecting our 102nd year of continuous dividend payments and 40 years of consecutive annual increases. BRENDAN FOLEY Chairman, President, & Chief Executive Officer MARCOS GABRIEL Executive Vice President & Chief Financial Officer SARAH PIPER Chief Human Relations Officer ANDREW FOUST President - Americas 1 These are non-GAAP financial results excluding items affecting comparability. The details of these adjustments are provided in the Non-GAAP Financial Measures within Management s Discussion and Analysis in the Company s 10-K. ANA SANCHEZ President - EMEA JEFFERY SCHWARTZ Vice President, General Counsel & Corporate Secretary 02
Winning With Consumers and Customers Since 1889, we have been driven by a passion for flavor and a commitment to excellence, consistently innovating to meet evolving consumer needs and preferences. Our Consumer brands have been cherished staples in kitchens and family recipes for generations and remain in demand through our continuous innovation. In our Flavor Solutions segment, we know the importance of brands and develop flavors that deliver on our customers brand promise. We flavor some of the world s most iconic brands and also fast-growing emerging brands, making us part of the daily flavor moments for millions of people all over the world. What sets us apart from our peers is our intentional focus on flavor. While others compete across several different food categories, our focus on flavor allows us to be present at every meal, beverage, or snacking occasion. In essence, we don t compete for calories, we flavor them. In 2025, our Consumer segment achieved industry-leading volume growth through our data-driven investments in brand marketing, category management, and innovation. Through our digital transformation initiatives, we enhanced our brand marketing efforts, enabling deeper connections with consumers throughout their purchase journey. We expanded distribution and delivered innovation including on-trend new products such as McCormick Finishing Salts and limited-time collections of Fall and Winter Finishing Sugars, Cholula cremosas and cooking sauces, and impactful packaging renovations for our McCormick Grill Mates and Gourmet brands in the Americas. In EMEA, we expanded our Schwartz Air Fryer seasonings to meet the growing consumer demand for convenient, flavorful, and healthier home-cooked meals. We closed 2025 with strong momentum in our Consumer segment and look forward to building on this success in 2026. In Flavor Solutions, amid a challenging industry environment we drove growth across portions of our diverse customer base, particularly among smaller, high-growth customers and private-label customers, helping to offset softness with some larger consumer packaged goods customers. While overall volume growth was pressured, we delivered another year of meaningful margin improvement. We continue to see strength in our technically insulated, high-margin product category, flavors where we remain focused on being the partner of choice across four taste competencies: savory, heat, naturally sweet, and citrus & fruit. This focus, combined with our talent and technology, gives us a strong foundation to accelerate growth with existing customers, win new customers, and capture additional market share. McCormick is a growth company. We remain focused on the high-growth categories of Spices and Seasonings, Condiments and Sauces, Branded Foodservice, and Flavors. The long-term trends that fuel these attractive categories consumer interest in healthy, flavorful cooking, flavor exploration, and trusted brands are enduring trends. With our robust growth plans, we are well positioned to drive sustainable, long-term growth.
Winning With Purpose-led Performance McCormick remains guided by Purpose-led Performance delivering top-tier financial results while securing the future of flavor with a focus on impact that matters for our business. The upcoming 2025 Purpose-led Performance Report will track our progress toward our commitments. Over the past decade, we have achieved 6% compounded annual sales growth2 driven by organic growth, strategic acquisitions, and portfolio expansion. Our results reinforce our global leadership in flavor. Total shareholder return, on an annualized basis, averaged 7% over the same period outpacing flavor house peers, and the packaged food index. We remain committed to our long-term objectives: Net Sales of 4% to 6%, Operating Income of 7% to 9%, and Earnings Per Share of 9% to 11%. We have a track record of driving and compounding growth. I am confident that the continued execution of our growth plans will be a win for consumers, customers, our categories, and McCormick. 2 In constant currency. 04
 • shareholder letter icon 2/18/2026 Letter Continued (Full PDF)
 • stockholder letter icon 2/15/2024 MKC Stockholder Letter
 • stockholder letter icon 2/13/2025 MKC Stockholder Letter
 • stockholder letter icon More "Food & Beverage" Category Stockholder Letters


MKC Shareholder/Stockholder Letter Transcript:

OURBEST SP
GOURMET
   ORGANIC   
GROUND
ALLSPICE
COLLECTION
1.5 OZ

Table of Contents
02 Letter to Shareholders
09 Board of Directors
10 Form 10-K
Investor Information on Inside Back Cover
Our performance in 2025 demonstrated
2025 Annual Report Scent:
Organic Allspice
Allspice delivers a warm, aromatic depth that instantly
enriches every bite.
We start with organic berries of a tropical evergreen
tree. With warm notes from nutmeg, cloves, and cinnamon,
allspice is essential for sweet and savory cooking.
the strength and resilience of our business.
As we move into 2026, we are operating from
a position of strength with momentum, a solid
foundation, and a clear focus on sustainable,
profitable growth.

Dear Shareholders,
Reflecting on 2025, I am proud of our strong performance, continued resilience,
and sustained focus on delivering on our strategic priorities. Together, we
have driven differentiated, volume-led growth across our business, which
underscores the success of our investments in brand marketing, innovation,
and expanded distribution and highlights our disciplined execution of cost
management and efficiency initiatives.
2026 will be a year of sustained momentum as we build on our achievements
from 2025, remain focused on the consumer and our customers, and stay
committed to delivering value, flavor, and quality while maintaining our
volumes and protecting our profitability.
Executive Officers
Driving Differentiated Results
Flavor makes food exciting, satisfying, and personal, and the global demand
for it remains strong. As a global leader in flavor, this demand is the foundation
of our sales growth. In 2025, we grew sales by 2%1 despite a softer food
industry environment. Our Consumer segment delivered volume-led
sales growth of 2%1 while our Flavor Solutions segment increased sales
by 1%1 that were driven primarily by pricing actions to offset inflation.
In a year marked by shifting trade dynamics and inflationary pressure, our
disciplined execution of cost management and efficiency initiatives enabled
us to deliver adjusted operating income growth of 3%1 and adjusted operating
margin expansion for the full year while continuing to invest in the business
to drive future growth. On the bottom line, adjusted earnings per share rose
2% to $3.00,1 primarily driven by adjusted operating income growth.
Cash flow from operations in 2025 was strong, reaching $962 million.
Our commitment to a balanced use of cash continues, prioritizing investments
to drive profitable growth, returning a significant portion to shareholders
through dividends, and maintaining a strong and flexible balance sheet.
At the end of 2025, our Board of Directors authorized a 7% increase in the
quarterly dividend, reflecting our 102nd year of continuous dividend payments
and 40 years of consecutive annual increases.
BRENDAN FOLEY
Chairman, President,
& Chief Executive Officer
MARCOS GABRIEL
Executive Vice President
& Chief Financial Officer
SARAH PIPER
Chief Human Relations Officer
ANDREW FOUST
President - Americas
1
 These are non-GAAP financial results excluding items affecting comparability. The details of these
adjustments are provided in the Non-GAAP Financial Measures within Management   s Discussion
and Analysis in the Company   s 10-K.
ANA SANCHEZ
President - EMEA
JEFFERY SCHWARTZ
Vice President, General Counsel
& Corporate Secretary
02

Winning With Consumers and Customers
Since 1889, we have been driven by a passion for flavor and a commitment to excellence, consistently innovating to meet
evolving consumer needs and preferences. Our Consumer brands have been cherished staples in kitchens and family
recipes for generations and remain in demand through our continuous innovation. In our Flavor Solutions segment, we know
the importance of brands and develop flavors that deliver on our customers    brand promise. We flavor some of the world   s most
iconic brands and also fast-growing emerging brands, making us part of the daily flavor moments for millions of people all over
the world. What sets us apart from our peers is our intentional focus on flavor. While others compete across several different
food categories, our focus on flavor allows us to be present at every meal, beverage, or snacking occasion. In essence,
we don   t compete for calories, we flavor them.
In 2025, our Consumer segment achieved industry-leading volume growth through our data-driven investments in brand
marketing, category management, and innovation. Through our digital transformation initiatives, we enhanced our brand
marketing efforts, enabling deeper connections with consumers throughout their purchase journey. We expanded distribution
and delivered innovation including on-trend new products such as McCormick Finishing Salts and limited-time collections
of Fall and Winter Finishing Sugars, Cholula cremosas and cooking sauces, and impactful packaging renovations for our
McCormick Grill Mates and Gourmet brands in the Americas. In EMEA, we expanded our Schwartz Air Fryer seasonings
to meet the growing consumer demand for convenient, flavorful, and healthier home-cooked meals. We closed 2025
with strong momentum in our Consumer segment and look forward to building on this success in 2026.
In Flavor Solutions, amid a challenging industry environment we drove growth across portions of our diverse customer
base, particularly among smaller, high-growth customers and private-label customers, helping to offset softness with some
larger consumer packaged goods customers. While overall volume growth was pressured, we delivered another year
of meaningful margin improvement. We continue to see strength in our technically insulated, high-margin product category,
flavors where we remain focused on being the partner of choice across four taste competencies: savory, heat, naturally sweet,
and citrus & fruit. This focus, combined with our talent and technology, gives us a strong foundation to accelerate growth
with existing customers, win new customers, and capture additional market share.
McCormick is a growth company. We remain focused on the high-growth categories of Spices and Seasonings, Condiments
and Sauces, Branded Foodservice, and Flavors. The long-term trends that fuel these attractive categories   consumer interest
in healthy, flavorful cooking, flavor exploration, and trusted brands   are enduring trends. With our robust growth plans,
we are well positioned to drive sustainable, long-term growth.

Winning With Purpose-led Performance
McCormick remains guided by Purpose-led Performance   delivering top-tier financial results while securing the future
of flavor with a focus on impact that matters for our business. The upcoming 2025 Purpose-led Performance Report will track
our progress toward our commitments.
Over the past decade, we have achieved 6% compounded annual sales growth2 driven by organic growth, strategic acquisitions,
and portfolio expansion. Our results reinforce our global leadership in flavor. Total shareholder return, on an annualized basis,
averaged 7% over the same period outpacing flavor house peers, and the packaged food index.
We remain committed to our long-term objectives: Net Sales of 4% to 6%, Operating Income of 7% to 9%, and Earnings
Per Share of 9% to 11%. We have a track record of driving and compounding growth. I am confident that the continued
execution of our growth plans will be a win for consumers, customers, our categories, and McCormick.
2
In constant currency.
04


shareholder letter icon 2/18/2026 Letter Continued (Full PDF)
 

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