McCormick (MKC) FY2023 results: revenue $6.7 billion, up 4.9% on the year
McCormick & Co. Inc. (MKC) reported revenue of $6.7 billion for fiscal 2023, the year ended 30 November 2023, up 4.9% on the year before. Net income was $681 million, down 0.2%, and diluted earnings per share $2.52. The figures are the company's own, from the 10-K it filed with the SEC on 25 January 2024.
Revenue
$6.7 billion
+4.9% on the year
FY2016FY2023
Operating margin
14.5%
13.6% a year earlier
FY2016FY2023
Net income
$681 million
-0.2% on the year
FY2016FY2023
Diluted EPS
$2.52
0.0% on the year
FY2016FY2023
this yearthe year beforeHover a bar for its figure.
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2023
FY2022
FY2021
On the year
Last 8 years
Operating cash flow
1,237
652
828
+89.9%
Capital expenditure
264
262
278
+0.7%
Free cash flow
973
390
550
+149.9%
Free cash flow margin
14.6%
6.1%
8.7%
Cash from investing
-260
-146
-909
Cash from financing
-1,184
-487
22.0
Depreciation and amortisation
199
201
186
-0.6%
Share-based compensation
63.4
60.3
66.6
+5.1%
Buybacks
35.7
38.8
8.6
-8.0%
Dividends paid
418
397
363
+5.5%
Dividend per share
$1.59
$1.50
$1.39
+6.0%
Diluted shares, weighted
270m
270m
270m
-0.1%
Balance sheet
$ million
FY2023
FY2022
FY2021
On the year
Last 8 years
Shareholders' equity
5,061
4,680
4,411
+8.1%
Non-controlling interest
22.8
18.7
14.5
+21.9%
Debt
4,411
5,150
5,283
-14.3%
Operating lease liabilities
180
176
106
+2.2%
Finance lease liabilities
103
110
118
-6.8%
Other liabilities
3,084
2,990
2,973
+3.2%
Total liabilities and equity
12,862
13,125
12,906
-2.0%
Fixed assets
1,325
1,198
1,140
+10.6%
Goodwill
5,260
5,213
5,336
+0.9%
Intangible assets
3,357
3,388
3,452
-0.9%
Investments
115
115
137
-0.1%
Cash and equivalents
167
334
352
-50.1%
Receivables
588
574
550
+2.4%
Inventory
1,126
1,340
1,182
-15.9%
Other assets
925
963
756
-3.9%
Total assets
12,862
13,125
12,906
-2.0%
10-K for the year ended 30 November 2023, filed 25 January 2024: the filing.