MKC-V FY 2024 Earnings Report — McCormick & Company, Incorporated Revenue & Financial Results | Market Cap Arena

McCormick & Company, IncorporatedMKC-V

FY 2024 Earnings

Reported January 23, 2025

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2024	Prior Q	FY 2023	QoQ Change	YoY Change
Revenue	$6.7B	—	$6.7B	—	0.9%
Op. Income	$1.1B	—	$963M	—	10.1%
Gross Margin	38.5%	—	37.6%	—	1.0pp
Net Margin	11.7%	—	10.2%	—	1.5pp
EPS (Diluted)	$2.92	—	$2.52	—	15.9%
Free Cash Flow	$647M	—	$973M	—	-33.5%

Revenue Flow

Item	Amount
REVENUE	$6.7B
Cost of Revenue	$4.1B
GROSS PROFIT	$2.6B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$1.5B
Other Expenses	$10M
Operating Expenses	$1.5B
Cost & Expenses	$5.7B
OPERATING INCOME	$1.1B
Interest Income	$46M
Interest Expense	$209M
Other Income/Expenses	-$88M
INCOME BEFORE TAX	$973M
Income Tax Expense	$184M
Net Income from Continuing Ops	$789M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$789M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$789M
D&A	$209M
EBIT	$1.1B
EBITDA	$1.3B
EPS	$3
EPS Diluted	$3

Income Statement

Item	Amount
REVENUE	$6.7B
Cost of Revenue	$4.1B
GROSS PROFIT	$2.6B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$1.5B
Other Expenses	$10M
Operating Expenses	$1.5B
Cost & Expenses	$5.7B
OPERATING INCOME	$1.1B
Interest Income	$46M
Interest Expense	$209M
Other Income/Expenses	-$88M
INCOME BEFORE TAX	$973M
Income Tax Expense	$184M
Net Income from Continuing Ops	$789M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$789M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$789M
D&A	$209M
EBIT	$1.1B
EBITDA	$1.3B
EPS	$3
EPS Diluted	$3

Cash Flow Statement

Item	Amount
Net Income	$789M
Depreciation & Amortization	$209M
Stock-Based Compensation	$47M
Deferred Income Tax	-$30M
Other Non-Cash Items	-$10M
Change in Working Capital	-$83M
OPERATING CASH FLOW	$922M
Capital Expenditure	-$275M
Acquisitions (Net)	$0
Purchases of Investments	$0
Sales/Maturities of Investments	$0
Other Investing Activities	-$269M
NET CASH FROM INVESTING	-$269M
Net Debt Issuance	-$95M
Common Stock Repurchased	-$53M
Common Dividends Paid	-$67M
Other Financing Activities	$16M
NET CASH FROM FINANCING	-$583M
FREE CASH FLOW	$647M
Net Change in Cash	$20M

Balance Sheet

Item	Amount
Cash & Equivalents	$186M
Short-Term Investments	$0
Net Receivables	$587M
Inventory	$1.2B
Other Current Assets	$74M
TOTAL CURRENT ASSETS	$2.1B
PP&E (Net)	$1.8B
Goodwill	$5.2B
Intangible Assets	$3.5B
Long-Term Investments	$283M
Tax Assets	$0
Other Non-Current Assets	$120M
TOTAL NON-CURRENT ASSETS	$10.9B
TOTAL ASSETS	$13.1B
Account Payables	$1.2B
Short-Term Debt	$748M
Deferred Revenue	$0
Other Current Liabilities	$0
TOTAL CURRENT LIABILITIES	$2.9B
Long-Term Debt	$3.6B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$841M
Other Non-Current Liabilities	$270M
TOTAL NON-CURRENT LIABILITIES	$4.9B
TOTAL LIABILITIES	$7.8B
Common Stock	$588M
Additional Paid-In Capital	$0
Retained Earnings	$3.5B
Treasury Stock	$0
Accum. Other Comp. Income	-$491M
Other Equity	$1.6B
TOTAL STOCKHOLDERS' EQUITY	$5.3B
Minority Interest	$26M
TOTAL EQUITY	$5.3B
TOTAL LIABILITIES & EQUITY	$13.1B
Total Debt	$4.5B
Net Debt	$4.3B