MCCORMICK & CO INC (MKC)

McCormick is a global flavor company that manufactures, markets, and distributes herbs, spices, seasoning mixes, condiments, and other flavorful products to the food and beverage industry, including retailers, food manufacturers, and foodservice businesses. It also participates in joint ventures that make and sell flavorful products, the largest being McCormick de Mexico. On January 2, 2026, it bought an additional 25% interest in McCormick de Mexico for $750 million, raising its stake to a 75% controlling interest. McCormick de Mexico sells mayonnaise, spices, marmalades, mustard, hot sauce, and tea under McCormick brands.

The company operates two segments, Consumer and Flavor Solutions. In 2025, Consumer contributed about 58% of net sales and 67% of operating income, and Flavor Solutions about 42% of net sales and 33% of operating income. The Consumer segment sells branded products in roughly 150 countries and territories. Its brands include McCormick, French's, Frank's RedHot, Lawry's, Cholula, Club House, Gourmet Garden, OLD BAY, Zatarain's, Stubb's, Thai Kitchen, and Simply Asia in the Americas. In EMEA it sells Ducros, Schwartz, Kamis, La Drogheria, and Vahiné, and in Asia/Pacific it sells McCormick, DaQiao, Aeroplane, and Gourmet Garden. About two-thirds of Consumer sales are spices and seasonings and condiments and sauces, and the company is also a leading private label supplier. Flavor Solutions offers customized seasoning blends, spices and herbs, condiments, coating systems, and compound flavors, supported by expertise in sensory testing, culinary research, food safety, and flavor application.

Consumer customers include grocery, mass merchandise, warehouse club, discount, drug, and e-commerce retailers, served directly or through distributors and wholesalers. Flavor Solutions serves multinational food manufacturers and foodservice customers directly and through distributors, wholesalers, and e-commerce. Foodservice sales in China are reported in the Consumer segment. Walmart accounted for about 12% of consolidated sales in 2025, and PepsiCo for about 12%. The top three Flavor Solutions customers represented 49% of that segment's sales. Sales sometimes peak in the fourth quarter because of holiday demand, and about 39% of 2025 sales came from non-U.S. operations.

Major sales, distribution, and production facilities are in North America, Europe, and China, with additional facilities in Australia, Central America, Thailand, and South Africa. Key raw materials are dairy products, pepper, garlic, onion, capsicums, salt, tomato products, sugar, and soybean oil. Pepper and many spices and herbs are sourced mostly outside the U.S., while dairy, onion, and soybean oil are mainly obtained locally. The company manages price volatility through strategic purchasing, forward purchases, customer price adjustments, and its Comprehensive Continuous Improvement program, and it relies on third-party transportation providers. Competitors range from large food manufacturers and global flavor companies to small private firms. McCormick had about 14,100 full-time employees as of November 30, 2025.