• The Coca-Cola of spices.
• The Procter & Gamble of the kitchen.
• Like Clorox, but for seasonings and flavorings.

• Spices and Herbs: A wide range of whole, ground, and blended spices and dried herbs used for cooking and baking.
• Seasoning Mixes: Pre-mixed blends of spices and herbs designed for specific dishes, general flavor enhancement, or marinades.
• Condiments and Sauces: Prepared sauces such as mustard, hot sauce, and other flavor-enhancing condiments.
• Extracts and Food Colors: Liquid flavorings like vanilla extract and artificial food dyes primarily used in baking and beverage preparation.

McCormick & Company, Incorporated (symbol: MKC) primarily sells its products to other companies rather than directly to individual consumers. Its business operations are structured around two main segments, both serving corporate customers:

• Consumer Business: This segment sells branded spices, seasoning mixes, condiments, and other flavorful products to various retail channels.
• Flavor Solutions Business: This segment provides flavor solutions, ingredients, and spices to food and beverage manufacturers and foodservice customers.

Based on McCormick's fiscal year 2023 10-K filing, its single largest customer, accounting for a material portion of its sales, is:

• Walmart Inc. (Symbol: WMT) - Walmart accounted for approximately 11% of McCormick's consolidated net sales in fiscal year 2023.

While specific names of other individual customers are not typically disclosed in their public filings unless they represent a material percentage of sales, McCormick's other major customers generally fall into the following categories of companies:

• Large Retail Chains: This category includes other major grocery store chains, mass merchandisers (e.g., Target, Costco), club stores, and significant e-commerce platforms that serve as distribution points for McCormick's consumer products.
• Food and Beverage Manufacturers: These are companies that incorporate McCormick's flavorings, spices, and other ingredients into their own food and beverage products sold under their respective brands.
• Foodservice Companies: This encompasses a broad range of establishments such as restaurant chains, hotels, institutional caterers, and other businesses that use McCormick's products in their culinary preparations.

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Brendan M. Foley, Chairman, President, and Chief Executive Officer

Brendan M. Foley assumed the role of Chairman, President, and Chief Executive Officer of McCormick & Company on September 1, 2023. He joined McCormick in 2014, holding several executive positions, including President and Chief Operating Officer, President North America, and President Global Consumer (Americas and Asia). Prior to his tenure at McCormick, Mr. Foley spent 15 years at H.J. Heinz (now Kraft Heinz) in various marketing and general management roles, culminating as President for the North America Zone. He also worked for General Mills, Inc. earlier in his career.

Marcos Gabriel, Executive Vice President and Chief Financial Officer (effective December 1, 2024)

Marcos Gabriel will become Executive Vice President and Chief Financial Officer of McCormick & Company, effective December 1, 2024. He currently serves as Senior Vice President, Global Finance and Capital Markets. Since joining McCormick in 2017, Mr. Gabriel has served as CFO for the Americas and as Chief Transformation Officer. Before McCormick, he gained over twenty-five years of experience in the Consumer Products industry through leadership roles at Avon, Unilever, and Eli Lilly across various international regions.

Mike Smith, Executive Vice President and Chief Financial Officer (until December 1, 2024)

Mike Smith currently serves as Executive Vice President and Chief Financial Officer, a position he has held since September 1, 2016. He joined McCormick in 1991 and has held numerous financial leadership roles, including Senior Vice President of Corporate Finance, CFO for North America, and CFO for Europe, Middle East & Africa. Mr. Smith began his career in public accounting at Coopers & Lybrand. He plans to retire from McCormick on February 28, 2025.

Lawrence E. Kurzius, Executive Chairman of the Board

Lawrence E. Kurzius currently serves as Executive Chairman of the Board for McCormick & Company. He previously served as Chairman and Chief Executive Officer for over seven years. During his tenure as CEO, McCormick's sales grew over 50% and market capitalization more than doubled, overseeing key acquisitions such as Frank's RedHot, French's, Cholula, and FONA. Mr. Kurzius joined McCormick in 2003 through the acquisition of Zatarain's, where he was President and CEO. His prior experience includes roles at Uncle Ben's, Mars Inc., and Quaker Oats Company.

Jeffery Schwartz, Vice President, General Counsel & Corporate Secretary

Jeffery Schwartz is McCormick's Vice President, General Counsel & Corporate Secretary, a role he assumed in December 2014. He joined the company in 2008 as Associate Counsel and became Associate General Counsel in 2011. Before joining McCormick, Mr. Schwartz worked in private practice at law firms in Washington, D.C., and Moscow, Russia.

McCormick & Company, Incorporated (MKC) operates in two primary business segments: Consumer and Flavor Solutions, offering a wide array of products including spices, herbs, seasoning mixes, condiments, sauces, and flavorings to retail outlets, food manufacturers, and foodservice businesses globally.

Addressable Market Sizes for McCormick's Main Products and Services:

Spices and Seasonings

• Global Market: The global spices and seasonings market was valued at approximately USD 28.53 billion in 2024 and is projected to reach USD 41.87 billion by 2033, exhibiting a Compound Annual Growth Rate (CAGR) of 4.91% from 2025 to 2033.
• North America Market: The North America seasonings and spices market size reached USD 7.62 billion in 2024 and is expected to grow to USD 11.81 billion by 2033, at a CAGR of 5.00% during 2025-2033. The U.S. spices and seasonings market alone is projected to reach USD 6.91 billion by 2032.

Sauces, Dressings, and Condiments

• Global Market: The global sauces and condiments market size was estimated at USD 200.1 billion in 2024. This market is expected to grow to USD 368.5 billion by 2034, with a CAGR of 6.2%.
• North America Market: The North America sauces, dressings & condiments market generated a revenue of USD 46.29 billion in 2023 and is expected to reach USD 66.87 billion by 2030, growing at a CAGR of 5.4% from 2024 to 2030.

Food Flavors/Flavor Solutions

• Global Market: The global flavors market size was estimated at USD 20.25 billion in 2024 and is projected to reach USD 28.54 billion by 2030, growing at a CAGR of 5.9% from 2025 to 2030. The global Food Flavor Solutions Market is projected to reach a valuation of USD 20 billion by 2033, growing at a CAGR of 5.8% from 2025 to 2033.
• North America Market: The North America Food Flavor Market size was valued at USD 4.91 billion in 2024 and is projected to reach USD 6.92 billion by 2032, with a CAGR of 4.50% from 2026 to 2032.

McCormick & Company (NYSE: MKC) is expected to drive future revenue growth over the next two to three years through a combination of strategic initiatives. These key drivers include:

1. Volume-Led Growth and Favorable Product Mix: McCormick anticipates sustained growth driven by increasing sales volumes, particularly within its Global Consumer segment. This volume expansion is expected across various regions, including the Americas, EMEA, and Asia Pacific. Additionally, a shift towards a more favorable product mix, including higher-priced offerings and premium items, is projected to contribute to top-line growth.
2. Strategic Pricing Actions: The company plans to utilize strategic pricing to manage costs and enhance revenue. While volume is a primary focus, targeted pricing adjustments, especially in response to commodity costs, have been noted as a contributor to sales, particularly in regions like EMEA. McCormick leverages advanced analytics for effective strategic pricing.
3. Innovation and Brand Marketing: Increased investment in product innovation and brand marketing is a key driver to maintain competitive differentiation and meet evolving consumer preferences. McCormick is continuously focused on launching new products and enhancing existing ones, with examples including new Cholula hot sauce varieties and seasonal finishing sugars. Robust category management initiatives also play a role in this growth strategy.
4. Expansion in Distribution and International Markets: McCormick aims to expand its distribution network, particularly in high-growth channels. The company is actively focusing on international market expansion, leveraging its localization strategy where products are manufactured locally to minimize tariff impacts. The continued strength in the Global Consumer segment across various regions, along with specific investments like increasing its stake in the Mexican joint venture, highlights this focus on broader market reach.
5. Strategic Acquisitions and Joint Ventures: Historically, acquisitions have been a significant part of McCormick's growth strategy. The company looks for opportunities that align with its vision of being a stronger flavor company. A recent example is the increase of its ownership in the Mexican joint venture with Grupo Herdez from 50% to 75%, demonstrating a commitment to expanding its footprint in attractive markets like Latin America.

Share Repurchases

• McCormick's share buyback program is not considered significant.
• The annual share buybacks were $38.8 million in 2022, $35.7 million in 2023, and $53.1 million in 2024.
• For the quarter ending August 31, 2025, share buybacks amounted to $2.7 million.

Share Issuance

• McCormick's share count has remained relatively flat since substantial increases from 2018 to 2021 due to acquisitions.

Outbound Investments

• In August 2025, McCormick announced its plan to acquire a controlling interest in McCormick de Mexico.

Capital Expenditures

• Capital expenditures were $278.0 million in 2021, $262.0 million in 2022, and $263.9 million in 2023.
• Expected capital expenditures for 2024 are approximately $290 million. For the third quarter of 2025, capital expenditures were $138 million.
• The primary focus of capital expenditures includes investments in the Global Business Services (GBS) organization, information systems, a global enterprise resource planning (ERP) replacement program, and projects to increase capacity and capabilities, advance digital transformation, and optimize cost structure.