McCormick

McCormick makes spices, seasonings, condiments and flavors. It reports two segments. The Consumer segment sells branded products, such as McCormick spices, Frank's and Cholula, to grocery stores and other retailers. The Flavor Solutions segment sells seasonings and flavors to food makers and restaurant chains.

On January 2, 2026, McCormick paid $750 million to raise its share of McCormick de Mexico to 75%, and it now consolidates that business. In Q3 2026, net sales were $2.02 billion, of which Consumer gave $1.22 billion and Flavor Solutions $809 million. McCormick makes money from the margin on its products, and it calls itself a dividend aristocrat, a company that has raised its dividend for many years in a row.

The market discounts McCormick because of its planned combination with Unilever's food business, announced on March 31, 2026. McCormick will pay Unilever $15.7 billion in cash and issue new shares, so its current shareholders will own only about 35% of the combined company. The deal values Unilever Foods at about $44.8 billion, about twice McCormick's own value of about $21 billion, and net leverage will be up to about 4 times EBITDA at closing. The stock fell about 10% in the two trading days after the announcement.

The base business also grows slowly: in Q3 2026, organic sales grew 1.9%, and Consumer volume and mix fell 1.1%. For the gap to close, McCormick shareholders must approve the share issuance, the antitrust and other approvals must come, and McCormick must replace the bridge loan with permanent debt at a reasonable cost. After closing, McCormick must deliver the $600 million of net cost synergies within three years and reduce net leverage to about 3 times within two years, as it promised. The merger agreement lets either party end it if the deal has not closed by March 31, 2027, with two possible extensions of six months.

The first checks are the shareholder vote and the Q4 2026 report, expected in early 2027. Because the synergies and the debt reduction take two to three years, the gap can close only slowly, and not before 2028.

1. Jan 21, 2027 · est.Pending

   Q4 2026 results and 2027 outlookOrganic sales growth in the 2026 outlook range of 1% to 3% and stand-alone net leverage below 2.9 times pass; lower organic growth or higher leverage fails.
2. Q1 2027 · est.Pending

   Shareholder vote and approvals for the Unilever Foods dealShareholder approval, antitrust approvals and permanent financing at a reasonable cost pass; a failed vote, a block or a long delay fails.
3. Mar 31, 2027Pending

   Merger agreement end dateClosing by this date, or a short extension with all approvals in place, passes; a long delay or an end to the agreement fails.

Every passed and failed checkpoint across all picks

• November 11, 2026The UK Competition and Markets Authority ended its first-phase review of the McCormick and Unilever Foods deal. It decided that the deal may be expected to reduce competition in one or more UK markets. The CMA will refer the deal to an in-depth phase 2 investigation unless the parties offer an acceptable undertaking. The CMA has not yet published the full decision.
• October 1, 2026McCormick reported Q3 2026 results. Net sales grew 17.4% to $2.02 billion, mostly from McCormick de Mexico, and organic sales grew 1.9%. Adjusted EPS was $0.86, against $0.85 a year earlier. Special charges, mostly costs of the Unilever Foods deal and a $43 million impairment, lowered EPS by $0.50. McCormick kept its 2026 adjusted EPS outlook of $3.05 to $3.13. The stock fell 4.9% that day.
• September 24, 2026McCormick's audit committee dismissed Ernst & Young as auditor, effective after the 2026 annual report, because EY is not expected to be independent after the Unilever Foods deal closes.

Last earnings

October 1, 2026 (8-K on sec.gov)

Next earnings

Expected about January 21, 2027. The company has not confirmed the date.

• 10-QQuarterly report for the period ended Aug 31, 2026Filed October 1, 2026 · mkc-20260831
• 8-KEarnings releaseFiled October 1, 2026 · Press release and exhibits
• 8-KChange of auditorFiled September 28, 2026 · mkc-20260924
• 8-KChange of directors or officersFiled August 28, 2026 · mkc-20260825
• 10-QQuarterly report for the period ended May 31, 2026Filed June 25, 2026 · mkc-20260531
• 8-KEarnings releaseFiled June 25, 2026 · Press release and exhibits
• 8-KChange of directors or officersFiled May 26, 2026 · mkc-20260519
• 8-KNew material agreement and New debt or financial obligationFiled May 1, 2026 · Read it on sec.gov
• 8-KChange of directors or officersFiled April 17, 2026 · mkc-20260415
• 8-KShareholder vote resultsFiled April 3, 2026 · mkc-20260401

Every filing on SEC EDGAR (CIK 63754)

• The Unilever Foods deal is very large. McCormick will pay $15.7 billion in cash and issue shares that leave current shareholders with about 35% of the company. If the integration fails or the $600 million of cost synergies does not come, value per share can fall.
• Net leverage will be up to about 4 times EBITDA at closing. Higher interest rates raise the cost of the permanent financing. If cash flow is weaker than planned, debt reduction to about 3 times can take longer, and the credit rating can fall.
• The deal needs McCormick shareholder approval, antitrust and foreign investment approvals, and the separation of Unilever Foods from Unilever. On November 11, 2026, the UK Competition and Markets Authority found that the deal may reduce competition in the UK and said it will open a second-phase review unless the parties offer remedies. A delay or a failed vote costs time and money. McCormick must pay $420 million to Unilever in some cases, or up to $75 million of expenses if its shareholders reject the deal.
• Consumers buy carefully, and Consumer segment volume and mix fell 1.1% in Q3 2026. Commodity and freight costs rose, partly because of the conflict in the Middle East.

McCormick funds itself with senior notes, commercial paper and bank lines of the parent company. At August 31, 2026, debt was $2.91 billion of long-term debt, $772 million of current long-term debt and $1.34 billion of short-term borrowings, mostly commercial paper. Read more

Yield at the current rate

4.1% (current annual rate, at today’s price)

Dividend yield

4.1% (last 12 months, at today’s price of $46.94)

Paid per share

$1.92 in the last 12 months (4 payments)

Current annual rate

$1.92 ($0.48 × 4 a year)

Payout ratio

61% of the last fiscal year’s earnings (the year that ended November 30, 2025)

Latest ex-dividend date

October 13, 2026, $0.48 per share

Dividends per share by year

From 2020 to 2025, the dividend grew by about 7.6% a year. From 2015 to 2025, the dividend grew by about 8.4% a year.

Source: company filings and market data, read on November 13, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.