Mccormick & Co Inc

Company facts

Industry

Miscellaneous Food Preparations & Kindred Products

Headquarters

Hunt Valley, Maryland

Most recent report

8-K, filed Sep 28, 2026

Incorporated

Maryland

Filings on record

1,002+ filings

On EDGAR

CIK 63754

Fiscal year ends

November

Filer status

Large accelerated filer

What to read: May 2026 10-Q

SECSift found 5 of 12 sections worth reading, with 1 positive, 12 notable, and 5 negative flags.

• Financial Statements (Item 1)

  Contains all financial results and the transformative Unilever merger details.
  Notable

  • $866.8M non-cash gain from acquiring control of McCormick de Mexico distorts H1 2026 net income.
  • $66.8M in H1 2026 for supervision and distribution services to the noncontrolling owner.
  Negative

  • Current shareholders diluted to ~35% ownership; $15.7B cash payment requires massive debt.

• Management's Discussion (Item 2)

  Pending Unilever merger, Q2 results, and IEEPA refund demand attention.
  Positive

  • Gross profit margin expanded 270 bps to 40.2% in Q2 2026 from 37.5% in Q2 2025.
  Notable

  • IEEPA tariff refund request submitted April 28, 2026; CIT order appealed.
  • McCormick de Mexico contributed 12.3% of Q2 2026 net sales growth. Acq cost $750M for additional 25%.
  • Special charges $60.0M in Q2 2026 vs $12.8M in Q2 2025, mostly Unilever transaction costs.
  Negative

  • Consumer segment volume/product mix declined 1.9% in Q2 2026, driven by Americas declines.
  • Consumer Americas organic sales fell 0.2% in Q2 2026; volume/mix down 3.6% due to price elasticity.

• Legal Proceedings (Item 1)

  Proposed transaction dilutes existing holders to 35%; debt financing risk.
  Notable

  • The Feb 28, 2026 US-Israel-Iran conflict has disrupted energy and supply chains; McCormick has no material operations in the region.
  • The transaction is subject to shareholder vote, antitrust approvals, and other regulatory conditions; timing and completion are uncertain.
  Negative

  • McCormick must close the deal even if it cannot secure permanent financing for the cash consideration.
  • Current McCormick shareholders drop to ~35% ownership; Unilever controls ~65% combined, with a one-year lock-up on 9.9%.

• Other Information (Item 5)

  New material compensatory arrangements for executives tied to a pending merger.
  Notable

  • Modifies severance benefits for named executives if terminated within a window around the merger closing.
  • Each named exec (except Foley) gets a $1M cash retention bonus tied to merger closing, vesting in two tranches.

• Exhibits (Item 6)

  Contains merger agreement with Unilever and new term loan, both material.
  Notable

  • Merger agreement with Unilever dated March 31, 2026 – pending transaction could significantly change corporate structure.
  • Term Loan Agreement dated April 28, 2026 – $500 million financing to support the merger.
  • Employee Matters Agreement dated March 31, 2026 – part of the merger deal.

What changed: May 2026 vs. Feb 2026

About 11% of MKC's May 2026 10-Q is new information. 52 paragraphs were added, 169 changed, and 39 removed. Below are the most important lines SECSift identified.

• Item 2 84
• Item 1 81
• Item 6 6
• Item 5 5
• Item 4 3