McCormick & Company
Sector unknown·MKC · USA (SEC 10-K)·Fiscal year to 30/11/2025
BUSINESS McCormick is a global leader in flavor. We manufacture, market, and distribute herbs, spices, seasoning mixes, condiments, and other flavorful products to the entire food and beverage industry: retailers, food manufacturers, and foodservice businesses.
Exposure profile
Derived from what the company itself writes. Empty directions mean the report doesn't mention themes of that type.
In their own words
Grouped by theme, from the management review in the annual report. A · The company itself is a verbatim quote, B · From the report is without a verified quote.
Consumer preference shifts
End markets
DriverNegative impact: weakens
“In addition, such climate change may result in modifications to the eating preferences of the ultimate consumers of certain of our products, which may also unfavorably impact our sales and profitability.”
Annual report 2025A · The company itself
DriverMixed impact: mixed
“Changing consumer preferences may result in increased demands regarding plastics and packaging materials, including single-use and non-recyclable plastic packaging, and other components of our products and their environmental impact on sustainability; a growing demand for natural or organic products and ingredients; or increased consumer concerns or perceptions (whether accurate or inaccurate) regarding the effects of ingredients or substances present in certain consumer products.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“In April 2025, the Food and Drug Administration (FDA) called on the industry to phase out all “petroleum-based synthetic dyes” from the nation’s food supply, and in May 2025, the Make America Healthy Again (MAHA) Commission published an assessment report discussing factors contributing to chronic childhood disease including diet, environmental exposure, lack of physical activity and healthcare. The MAHA Commission publicly released its strategy report, setting forth certain recommendations for addressing chronic childhood disease, in September 2025. While the effects of these proposals remain uncertain at this time, changes to laws and regulations could impact our business, financial condition and results of operations.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“We offer our customers and consumers a range of products, extending from premium to value-priced, to meet the increasing demand for certain product attributes including clean-label, organic, natural, reduced sodium, gluten-free, and non-GMO (genetically modified organisms).”
Annual report 2025A · The company itself
Chains out: this mixed effect Beer and beverages
Agriculture and food production
End markets
Market
“BUSINESS McCormick is a global leader in flavor. We manufacture, market, and distribute herbs, spices, seasoning mixes, condiments, and other flavorful products to the entire food and beverage industry: retailers, food manufacturers, and foodservice businesses.”
Annual report 2025A · The company itself
Market
“In our Flavor Solutions segment, we provide a wide range of products to multinational food manufacturers and foodservice customers.”
Annual report 2025A · The company itself
Market
“Sales to one of our Flavor Solutions segment customers, PepsiCo, Inc., accounted for consolidated sales of approximately 12% in 2025, and 13% in both 2024 and 2023.”
Annual report 2025A · The company itself
Chains in: Grain and agricultural commodities mixed effect, Climate change and extreme weather weakens, Grocery retail and private label weakens
Retail
End markets
Market
“We manufacture, market, and distribute herbs, spices, seasoning mixes, condiments, and other flavorful products to the entire food and beverage industry: retailers, food manufacturers, and foodservice businesses.”
Annual report 2025A · The company itself
Market
“Our customers span a variety of retailers that include grocery, mass merchandise, warehouse clubs, discount and drug stores, and e-commerce retailers, served directly and indirectly through distributors or wholesalers.”
Annual report 2025A · The company itself
Market
“Sales to one of our Consumer segment customers, Wal-Mart Stores, Inc., accounted for consolidated sales of approximately 12% in 2025, 2024, and 2023.”
Annual report 2025A · The company itself
Chains in: Consumer spending strengthens
Digitalisation
Technology
DriverNegative impact: weakens
“Certain competitors may also be more successful at utilizing data analytics, artificial intelligence, and other new and emerging technologies and digital experiences as part of their advertising practices. We must also be able to respond successfully to technological advances (including artificial intelligence and machine learning, which may become critical in interpreting consumer preferences in the future), and failure to do so could compromise our competitive position and negatively impact our product sales.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“We continue to implement our multi-year business transformation initiative to execute significant change to our global processes, capabilities and operating model , including in our Global Business Services (GBS) operating model initiative, in order to provide a scalable platform for future growth, while reducing costs. As technology provides the backbone for greater process alignment, information sharing and scalability, we are also making investments in our information systems, including the multi-year program to replace our enterprise resource planning (ERP) system currently underway, which includes the transformation of our financial processing systems to enterprise-wide systems solutions.”
Annual report 2025A · The company itself
Chains in: Cybersecurity (products and services) strengthens, Public investment and infrastructure strengthens
Chains out: this strengthens IT consulting and public-sector IT
E-commerce
Technology
DriverMixed impact: mixed
“The continued growth of e-commerce, which has encouraged the entry of new competitors and business models, and its impact of consumer habits and preferences has accelerated in many of the markets we serve and our financial results may be impacted if we are unable to adapt to changing consumer preferences and market dynamics.”
Annual report 2025A · The company itself
Market
“Our customers span a variety of retailers that include grocery, mass merchandise, warehouse clubs, discount and drug stores, and e-commerce retailers, served directly and indirectly through distributors or wholesalers.”
Annual report 2025A · The company itself
Hospitality and leisure
End markets
Market
“We manufacture, market, and distribute herbs, spices, seasoning mixes, condiments, and other flavorful products to the entire food and beverage industry: retailers, food manufacturers, and foodservice businesses.”
Annual report 2025A · The company itself
Market
“In our Flavor Solutions segment, we provide a wide range of products to multinational food manufacturers and foodservice customers.”
Annual report 2025A · The company itself
Chains in: Consumer spending strengthens
IT operations and cloud
Raw materials and inputs
StrategyPositive impact: strengthens
“We continue to implement our multi-year business transformation initiative to execute significant change to our global processes, capabilities and operating model , including in our Global Business Services (GBS) operating model initiative, in order to provide a scalable platform for future growth, while reducing costs. As technology provides the backbone for greater process alignment, information sharing and scalability, we are also making investments in our information systems, including the multi-year program to replace our enterprise resource planning (ERP) system currently underway, which includes the transformation of our financial processing systems to enterprise-wide systems solutions.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“We utilize cloud-based services and systems and networks managed by third-party vendors to process, transmit and store information and to conduct certain of our business activities and transactions with employees, customers, vendors and other third parties. Our utilization of these cloud-based services and systems will increase as we implement our business transformation initiatives.”
Annual report 2025A · The company itself
Packaging
Raw materials and inputs
Market
“BUSINESS McCormick is a global leader in flavor. We manufacture, market, and distribute herbs, spices, seasoning mixes, condiments, and other flavorful products to the entire food and beverage industry: retailers, food manufacturers, and foodservice businesses.”
Annual report 2025A · The company itself
Chains out: this weakens Beer and beverages
Climate change and extreme weather
Macro
DriverNegative impact: weakens
“Because these raw materials are agricultural products, they are subject to fluctuations in market price and availability caused by weather, growing and harvesting conditions, market conditions, including inflationary cost increases and global trade policies, and other factors beyond our control.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Our ability to make, move, and sell products is critical to our success. Damage or disruption to or reduction or termination of raw material supplies or our manufacturing or distribution capabilities due to weather, climate change, natural disaster, fire, international disputes, geopolitical tensions or conflict, terrorism, cyber-attack, health epidemics, pandemics or other contagious outbreaks, governmental restrictions or mandates, strikes, import/export restrictions, global trade policies, or other factors could impair our ability to manufacture or sell our products.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“We could have an interruption in our business, loss of inventory or data, or be rendered unable to accept and fulfill customer orders as a result of a natural disaster, catastrophic event, epidemic, computer system failure, or cyber-attack. Natural disasters could include an earthquake, fire, floods, drought, tornado, hurricane or severe storm.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Unseasonable or unusual weather or long-term climate changes may negatively impact the price or availability of spices, herbs and other raw materials.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“In addition, we may have very little opportunity to mitigate the risk of availability of certain raw materials due to the effect of weather on crop yield, fire, natural disasters, growing and harvesting conditions, government actions, political unrest in producing countries, action or inaction by suppliers in response to laws and regulations, changes in agricultural programs and other factors beyond our control.”
Annual report 2025A · The company itself
Chains out: this weakens Agriculture and food production
Geopolitical uncertainty
Macro
DriverNegative impact: weakens
“Our ability to make, move, and sell products is critical to our success. Damage or disruption to or reduction or termination of raw material supplies or our manufacturing or distribution capabilities due to weather, climate change, natural disaster, fire, international disputes, geopolitical tensions or conflict, terrorism, cyber-attack, health epidemics, pandemics or other contagious outbreaks, governmental restrictions or mandates, strikes, import/export restrictions, global trade policies, or other factors could impair our ability to manufacture or sell our products.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Changes in the political conditions in markets in which we manufacture, sell or distribute our products, as well as changing geopolitical conditions, including conflicts, may be difficult to predict and may adversely affect our business and financial results. Results of elections, referendums, sanctions or other political processes and pressures in certain markets in which our products are manufactured, sold or distributed have created and could continue to create uncertainty regarding how existing governmental policies, laws and regulations may change, including with respect to sanctions, taxes, tariffs, import and export controls and the general movement of goods, materials, services, capital, data and people between countries.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“The global economy has been negatively impacted by changing political and geopolitical conditions, including conflicts. Our business, financial condition and results of operations have been impacted in the past and may be impacted in the future by disruptions in the global economy associated with these changes in political and geopolitical conditions. Geopolitical instability has, and could result in, a negative impact on our ability to sell to, ship products to, collect payments from, and support customers in certain regions based on trade restrictions, embargoes and export control law restrictions, and logistics restrictions, and could increase the costs, risks and adverse impacts from supply chain and logistical challenges.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Our international operations are subject to additional risks, including fluctuations in currency values, foreign currency exchange controls, discriminatory fiscal policies, compliance with U.S. and foreign laws, enforcement of remedies in foreign jurisdictions and other economic or political uncertainties.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“In addition, we may have very little opportunity to mitigate the risk of availability of certain raw materials due to the effect of weather on crop yield, fire, natural disasters, growing and harvesting conditions, government actions, political unrest in producing countries, action or inaction by suppliers in response to laws and regulations, changes in agricultural programs and other factors beyond our control.”
Annual report 2025A · The company itself
Chains out: this strengthens Defence budgets, strengthens Energy security, strengthens Tariffs and trade policy, weakens Global trade volumes, strengthens Sea freight and freight rates, weakens Reconstruction of Ukraine
Tariffs and trade policy
Macro
DriverNegative impact: weakens
“Because these raw materials are agricultural products, they are subject to fluctuations in market price and availability caused by weather, growing and harvesting conditions, market conditions, including inflationary cost increases and global trade policies, and other factors beyond our control.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Changes in global trade policies, including tariffs, have caused inflationary pressures and higher costs on certain raw materials and imports. These actions have impacted our business through increased costs and uncertainty.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Changes in the political conditions in markets in which we manufacture, sell or distribute our products, as well as changing geopolitical conditions, including conflicts, may be difficult to predict and may adversely affect our business and financial results. Results of elections, referendums, sanctions or other political processes and pressures in certain markets in which our products are manufactured, sold or distributed have created and could continue to create uncertainty regarding how existing governmental policies, laws and regulations may change, including with respect to sanctions, taxes, tariffs, import and export controls and the general movement of goods, materials, services, capital, data and people between countries.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“The global economy has been negatively impacted by changing political and geopolitical conditions, including conflicts. Our business, financial condition and results of operations have been impacted in the past and may be impacted in the future by disruptions in the global economy associated with these changes in political and geopolitical conditions. Geopolitical instability has, and could result in, a negative impact on our ability to sell to, ship products to, collect payments from, and support customers in certain regions based on trade restrictions, embargoes and export control law restrictions, and logistics restrictions, and could increase the costs, risks and adverse impacts from supply chain and logistical challenges.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Additionally, sales in countries other than the U.S., together with finished goods and raw materials imported into the U.S., are subject to risks related to fundamental changes to tax laws as well as the imposition of tariffs, quotas, trade barriers and other similar restrictions.”
Annual report 2025A · The company itself
Chains in: Geopolitical uncertainty strengthens
Chains out: this weakens Global trade volumes
Consumer spending
Macro
DriverPositive impact: strengthens
“Seasonality Due to seasonal factors inherent in the business, our sales, operating income, and cash from operations are generally higher in the fourth quarter because of the holiday season.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Risks Related to Our Company, Business and Operations Deterioration of global economic conditions, an economic recession or slow growth, periods of inflation, or economic uncertainty in our key markets may adversely affect customer and consumer spending as well as demand for our products.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Higher product prices may result in reductions in sales volume. Consumers may be less willing to pay a price differential for our branded products and may increasingly purchase lower-priced offerings, or may forego some purchases altogether, during an economic downturn or times of increased inflationary pressure.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“In addition, such climate change may result in modifications to the eating preferences of the ultimate consumers of certain of our products, which may also unfavorably impact our sales and profitability.”
Annual report 2025A · The company itself
Chains in: Inflation weakens
Chains out: this strengthens Retail, strengthens Hospitality and leisure, strengthens Premium consumers, strengthens Grocery retail and private label
Inflation
Macro
DriverNegative impact: weakens
“Because these raw materials are agricultural products, they are subject to fluctuations in market price and availability caused by weather, growing and harvesting conditions, market conditions, including inflationary cost increases and global trade policies, and other factors beyond our control.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Risks Related to Our Company, Business and Operations Deterioration of global economic conditions, an economic recession or slow growth, periods of inflation, or economic uncertainty in our key markets may adversely affect customer and consumer spending as well as demand for our products.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Changes in global trade policies, including tariffs, have caused inflationary pressures and higher costs on certain raw materials and imports. These actions have impacted our business through increased costs and uncertainty.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“As a manufacturer and distributor of flavor products, we rely on raw materials, packaging materials, plant labor, distribution resources, and transportation providers. We have experienced inflation of commodity and supply chain costs, including the costs of raw materials, packaging materials, labor, energy, fuel, transportation and other inputs necessary for the production and distribution of our products, and we expect inflation to continue in 2026 at a similar level to that experienced in 2025.”
Annual report 2025A · The company itself
Chains out: this weakens Consumer spending, strengthens Interest rates
Labour and wages
Raw materials and inputs
DriverNegative impact: weakens
“Our results of operations can be adversely affected by labor shortages, turnover and labor cost increases or any failure to effectively manage changes in our workforce. Labor is a primary component of operating our business.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Failure to attract, hire, develop, motivate and retain the best executive and employee talent, especially in light of changing worker expectations and talent marketplace variability regarding flexible and hybrid work models, relating to fostering inclusive culture for all employees could impact our ability to achieve our business objectives and adversely affect our future success.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“In addition, we rely on third-party transportation providers to deliver raw materials and our products to our customers. There has been, and could continue to be, reduced availability of transportation capacity due to labor shortages and higher fuel costs, which have caused and may continue to cause an increase in transportation costs for us and our suppliers.”
Annual report 2025A · The company itself
Currency exposure
Macro
DriverNegative impact: weakens
“Fluctuations in foreign currency markets may negatively impact us. We are exposed to fluctuations in foreign currency in the following main areas: cash flows related to raw material purchases; the translation of foreign currency earnings to U.S. dollars; the effects of foreign currency on loans between subsidiaries and unconsolidated affiliates and on cash flows related to repatriation of earnings of unconsolidated affiliates.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Our international operations are subject to additional risks, including fluctuations in currency values, foreign currency exchange controls, discriminatory fiscal policies, compliance with U.S. and foreign laws, enforcement of remedies in foreign jurisdictions and other economic or political uncertainties.”
Annual report 2025A · The company itself
Grain and agricultural commodities
Raw materials and inputs
InputNegative impact: weakens
“Raw Materials The most significant raw materials used in our business are dairy products, pepper, garlic, onion, capsicums (red peppers and paprika), salt, tomato products, sugar, and soybean oil.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“In the event that such climate change has a negative effect on agricultural productivity or practices, we may be subject to decreased availability or less favorable pricing for certain commodities that are necessary for our products.”
Annual report 2025A · The company itself
Chains out: this strengthens Beer and beverages, mixed effect Agriculture and food production
Interest rates
Macro
DriverNegative impact: weakens
“Risks Relating to Credit and Capital Markets, Our Credit Rating, Borrowings and Dividends Increases in interest rates or changes in our credit ratings may negatively impact us. On November 30, 2025, we had total outstanding variable rate debt of approximately $351.8 million at a weighted-average interest rate of approximately 4.06%.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“A downgrade in our credit ratings would increase our borrowing costs and could affect our ability to issue commercial paper. Additionally, disruptions in the commercial paper market or other effects of volatile economic conditions on the credit markets could also reduce the amount of commercial paper that we could issue and raise our borrowing costs.”
Annual report 2025A · The company itself
Chains in: Public debt and fiscal policy strengthens, Inflation strengthens
Chains out: this weakens Construction, weakens Real estate, weakens Wind power, weakens Housing market, weakens Office and commercial property, weakens Residential rental, weakens Residential construction
Sea freight and freight rates
Raw materials and inputs
DriverNegative impact: weakens
“In addition, we distribute our products and receive raw materials primarily by truck. Reduced availability of trucking capacity due to shortages of drivers has caused an increase in the cost of transportation for us and our suppliers.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“In addition, we rely on third-party transportation providers to deliver raw materials and our products to our customers. There has been, and could continue to be, reduced availability of transportation capacity due to labor shortages and higher fuel costs, which have caused and may continue to cause an increase in transportation costs for us and our suppliers.”
Annual report 2025A · The company itself
Chains in: Geopolitical uncertainty strengthens
Business cycle and GDP growth
Macro
DriverNegative impact: weakens
“Risks Related to Our Company, Business and Operations Deterioration of global economic conditions, an economic recession or slow growth, periods of inflation, or economic uncertainty in our key markets may adversely affect customer and consumer spending as well as demand for our products.”
Annual report 2025A · The company itself
Chains out: this strengthens Global trade volumes, strengthens Construction
Carbon tax and ETS prices
Regulation
DriverNegative impact: weakens
“Increased compliance costs and expenses due to the impacts of climate change and additional legal or regulatory requirements regarding climate change that are designed to reduce or mitigate the effects of carbon dioxide and other greenhouse gas emissions on the environment may cause disruptions in, or an increase in the 12 costs associated with, the running of our manufacturing facilities and our business, as well as increase distribution and supply chain costs.”
Annual report 2025A · The company itself
Chains out: this weakens Shipping and logistics, strengthens Energy efficiency, weakens Cement and building materials
Cybersecurity (products and services)
Technology
DriverNegative impact: weakens
“Furthermore, our information technology systems, and the systems of our customers, vendors, suppliers, and other third-party service providers, are subject to cyber-attacks or other security incidents including computer viruses or other malicious codes, phishing attacks, unauthorized access attempts, cyber extortion, business email compromise, deepfake or social engineering schemes, denial of service attacks, hacking, ransomware, or other cyberattacks attempting to exploit vulnerabilities. Cybercriminals have increasingly demonstrated advanced capabilities, such as use of zero-day vulnerabilities, and rapid integration of new technology such as generative artificial intelligence.”
Annual report 2025A · The company itself
Chains in: Cyber attacks and IT security risk strengthens
Chains out: this strengthens Digitalisation
EU climate and energy policy
Regulation
DriverNegative impact: weakens
“Increased compliance costs and expenses due to the impacts of climate change and additional legal or regulatory requirements regarding climate change that are designed to reduce or mitigate the effects of carbon dioxide and other greenhouse gas emissions on the environment may cause disruptions in, or an increase in the 12 costs associated with, the running of our manufacturing facilities and our business, as well as increase distribution and supply chain costs.”
Annual report 2025A · The company itself
Chains out: this strengthens Circular economy and recycling, strengthens Energy efficiency
Sugar, cocoa and coffee
Raw materials and inputs
InputNegative impact: weakens
“Raw Materials The most significant raw materials used in our business are dairy products, pepper, garlic, onion, capsicums (red peppers and paprika), salt, tomato products, sugar, and soybean oil.”
Annual report 2025A · The company itself
M&A and consolidation
Macro
DriverNegative impact: weakens
“A number of our customers, such as supermarkets, warehouse clubs and food distributors, have consolidated in recent years and consolidation could continue. Such consolidation could present a challenge to margin growth and profitability in that it has produced large, sophisticated customers with increased buying power who are more capable of operating with reduced inventories; resisting price increases; demanding lower pricing, increased promotional programs and specifically tailored products; and shifting shelf space currently used for our products to private label and other competitive products.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Uncertain global economic conditions expose us to credit risks from customers and counterparties. Consolidations in some of the industries in which our customers operate have created larger customers, some of which are highly leveraged.”
Annual report 2025A · The company itself
Artificial intelligence
Technology
DriverNegative impact: weakens
“Certain competitors may also be more successful at utilizing data analytics, artificial intelligence, and other new and emerging technologies and digital experiences as part of their advertising practices. We must also be able to respond successfully to technological advances (including artificial intelligence and machine learning, which may become critical in interpreting consumer preferences in the future), and failure to do so could compromise our competitive position and negatively impact our product sales.”
Annual report 2025A · The company itself
Chains out: this strengthens Data centres, strengthens Semiconductors and electronic components, strengthens Semiconductor industry
ESG and sustainability reporting
Regulation
DriverNegative impact: weakens
“In addition, there are various compliance obligations for companies that process personal data of certain individuals, including such obligations required by the European Union’s General Data Protection Regulation (GDPR), which affects all member states of the European Economic Area, and the California Consumer Privacy Act (CCPA) and other state comprehensive privacy laws. These types of data privacy laws create a range of compliance obligations for companies that process personal data of certain individuals and increases financial penalties for non-compliance.”
Annual report 2025A · The company itself
Financial regulation
Regulation
DriverNegative impact: weakens
“The deterioration of credit and capital markets may adversely affect our access to sources of funding. We rely on our revolving credit facilities, or borrowings backed by these facilities, to fund a portion of our working capital needs and other general corporate purposes, including funding of acquisitions.”
Annual report 2025A · The company itself
Global trade volumes
Macro
DriverNegative impact: weakens
“Pepper, along with various spices and herbs, is generally sourced from countries outside the U.S. Raw materials such as dairy products, onion and soybean oil are primarily obtained locally, either within the U.S. or from our international locations.”
Annual report 2025A · The company itself
Chains in: Tariffs and trade policy weakens, Geopolitical uncertainty weakens, Business cycle and GDP growth strengthens
Chains out: this strengthens Shipping and logistics
Grocery retail and private label
End markets
DriverNegative impact: weakens
“From time to time, our customers reevaluate their mix of product offerings, and consumers have the option to purchase private label or other competitive products instead of our branded products.”
Annual report 2025A · The company itself
Chains in: Consumer spending strengthens
Chains out: this weakens Agriculture and food production
Labour regulation
Regulation
DriverNegative impact: weakens
“Food products are extensively regulated in most of the countries in which we sell our products. We are subject to numerous laws and regulations relating to the growing, sourcing, manufacturing, storage, labeling, marketing, advertising and distribution of food products, as well as laws and regulations relating to financial reporting requirements, the environment, consumer protection, product design, competition, anti-corruption, privacy, machine learning and artificial intelligence, relations with distributors and retailers, foreign supplier verification, customs and trade laws, including the import and export of products and product ingredients, employment, and health and safety.”
Annual report 2025A · The company itself
Other currencies
Macro
DriverNegative impact: weakens
“Primary exposures include the U.S. dollar versus the Euro, British pound sterling, Chinese renminbi, Canadian dollar, Australian dollar, Polish zloty, Singapore dollar, Swiss franc, and Mexican peso, as well as the Euro versus the British pound sterling and Australian dollar, and Polish zloty.”
Annual report 2025A · The company itself
Pandemics and outbreaks
Macro
DriverNegative impact: weakens
“A health epidemic, pandemic, or other contagious outbreak could affect our operations, major facilities or employees’ and consumers’ health.”
Annual report 2025A · The company itself
Chains out: this weakens Aviation and travel, strengthens Vaccines (travel health and preparedness)
Plastics and polymers
Raw materials and inputs
InputNegative impact: weakens
“Raw Materials The most significant raw materials used in our business are dairy products, pepper, garlic, onion, capsicums (red peppers and paprika), salt, tomato products, sugar, and soybean oil.”
Annual report 2025A · The company itself
Chains in: Oil strengthens
Precious metals
Raw materials and inputs
InputNegative impact: weakens
“Raw Materials The most significant raw materials used in our business are dairy products, pepper, garlic, onion, capsicums (red peppers and paprika), salt, tomato products, sugar, and soybean oil.”
Annual report 2025A · The company itself
USD vs DKK/EUR
Macro
DriverNegative impact: weakens
“Primary exposures include the U.S. dollar versus the Euro, British pound sterling, Chinese renminbi, Canadian dollar, Australian dollar, Polish zloty, Singapore dollar, Swiss franc, and Mexican peso, as well as the Euro versus the British pound sterling and Australian dollar, and Polish zloty.”
Annual report 2025A · The company itself
Chains out: this mixed effect United States
Water
Raw materials and inputs
InputNegative impact: weakens
“As a result of climate change, we may also be subjected to decreased availability of water, deteriorated quality of water or less favorable pricing for water, which could adversely impact our manufacturing and distribution operations.”
Annual report 2025A · The company itself
Asia and emerging markets
Geography
Geography
“From locations around the world, our brands reach consumers in approximately 150 countries and territories.”
Annual report 2025A · The company itself
Europe
Geography
Geography
“From locations around the world, our brands reach consumers in approximately 150 countries and territories.”
Annual report 2025A · The company itself
Latin America
Geography
Geography
“On January 2, 2026, we completed the purchase of an additional 25% ownership interest in McCormick de Mexico. The purchase price was $750 million, which increased our ownership to a 75% controlling interest. We believe the acquisition creates opportunities for further growth in the Mexican market and provides a strategic platform for further expansion in Latin America.”
Annual report 2025A · The company itself
United States
Geography
Geography
“From locations around the world, our brands reach consumers in approximately 150 countries and territories.”
Annual report 2025A · The company itself
Chains in: USD vs DKK/EUR mixed effect
Competitors mentioned in the report
No named competitors in the report.
Financial figures
| Revenue latest fiscal year | 6.84 bn USD |
| Revenue growth vs. the year before, same method | 1.7 % |
| EBITDA reported by the company | 1.3 bn USD |
| Net debt debt incl. leasing minus cash | 3.75 bn USD |
| Diluted EPS per share | 2.93 USD |
Source: 10-K (SEC) A. See the report
Criteria
| Profit | ✓ |
| Growing | ✓ |
| Healthy balance sheet | ✓ |
Only the criteria that can be computed from financial statements on this page. The remaining criteria (such as price and dividend) need a share price and are in the analysis.
Figures are in the report's currency (USD), not converted to DKK. Quotes are shown as the company's own words in English.