McCormick & Company, Incorporated (MKC.V) Cash Flow Statement

In fiscal 2025 (fiscal year ended Nov 30, 2025), McCormick & Company, Incorporated generated $962.20M of operating cash flow and spent $221.80M on capital expenditures. That left free cash flow of $740.40M, up 14.4% from $647.00M a year earlier, or 10.8% of revenue. It returned $531.00M to shareholders through $483.00M in dividends and $48.00M in share buybacks.

McCormick & Company, Incorporated Cash Flow Statement Analysis

Values in billions USD

Income Statement Balance Sheet Cash Flow Ratios

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Cash flow statement showing operating, investing, and financing activities for McCormick & Company, Incorporated (MKC.V) - Annual data in billions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period ending	Nov 2025	Nov 2024	Nov 2023	Nov 2022	Nov 2021
Operating Activities
Net Income	0.79	0.79	0.68	0.68	0.76
Depreciation & Amortization	0.23	0.21	0.20	0.20	0.19
Deferred Income Tax	-0.01	-0.03	-0.01	0.02	-
Stock Based Compensation	0.05	0.05	0.06	0.06	0.07
Change in Working Capital	-0.08	-0.08	0.27	-0.26	-0.22
Change in Accounts Receivable	-0.01	-0.02	0.00	-0.05	-0.02
Change in Inventory	0.02	-0.13	0.23	-0.21	-0.15
Change in Accounts Payable	0.00	0.14	-0.07	0.13	0.03
Change in Other Working Capital	-0.04	-0.01	0.19	-0.10	-0.05
Other Operating Activities	-0.08	-0.11	-0.06	-0.07	0.01
Net Cash from Operating Activities	0.96	0.92	1.24	0.65	0.83
Investing Activities
Capital Expenditures	-0.22	-0.27	-0.26	-0.26	-0.28
Acquisitions	-0.03	-	-	-	-0.71
Purchases of Investments	-	-	-	-	0.07
Sales/Maturities of Investments	-	-	-	0.01	-
Other Investing Activities	0.00	0.01	0.00	0.01	0.01
Net Cash from Investing Activities	-0.26	-0.27	-0.26	-0.15	-0.91
Financing Activities
Debt Repayment	-0.27	-0.80	-0.27	-0.77	-0.26
Common Stock Issued	0.02	0.02	0.02	0.04	0.01
Common Stock Repurchased	-0.05	-0.05	-0.05	-0.06	-0.02
Dividends Paid	-0.48	-0.45	-0.42	-0.40	-0.36
Other Financing Activities	0.04	0.00	0.00	0.70	0.00
Net Cash from Financing Activities	-0.84	-0.58	-1.18	-0.49	0.02
Summary
Effect of Forex Changes on Cash	0.04	-0.05	0.04	-0.04	-0.01
Net Change in Cash	-0.09	0.02	-0.17	-0.02	-0.07
Cash at Beginning of Period	0.19	0.17	0.33	0.35	-
Cash at End of Period	0.10	0.19	0.17	0.33	-
Free Cash Flow	0.74	0.65	0.97	0.39	0.55
Supplemental Disclosures
Interest Paid	0.19	0.21	0.20	0.15	0.14
Income Taxes Paid	0.24	0.22	0.12	0.19	0.18

Source: Company financial statements from annual and quarterly filings. Data as of Aug 31, 2026. Data sources and methodology

Frequently Asked Questions About McCormick & Company, Incorporated Cash Flow

What is McCormick & Company, Incorporated's free cash flow?

McCormick & Company, Incorporated generated free cash flow of $740.40M in fiscal 2025 (fiscal year ended Nov 30, 2025), operating cash flow of $962.20M minus $221.80M of capital expenditures. That was up 14.4% from $647.00M a year earlier. Free cash flow equaled 10.8% of revenue.

How much does McCormick & Company, Incorporated spend on capital expenditures?

McCormick & Company, Incorporated spent $221.80M on capital expenditures in fiscal 2025, compared with $274.90M a year earlier. That equals 23.1% of operating cash flow.

Does McCormick & Company, Incorporated pay dividends or buy back shares?

Yes. In fiscal 2025 McCormick & Company, Incorporated returned $483.00M in dividends and $48.00M in share buybacks to shareholders, according to its cash flow statement.

What is free cash flow?

Free cash flow is operating cash flow minus capital expenditures. It is the cash a company has left for dividends, buybacks, debt repayment or acquisitions after funding its operations and investment. Full definition