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McCormick cash flow, quarter by quarter

Latest: Q3 FY26 · from the cash-flow statements filed with the SEC

Free cash flow$112M in Q3 FY26 · $1.1B over twelve months

Operating cash flow$168M
Capital spending−$56.0M
Free cash flow+$112M
Cash / net income1.7×

Analysis

In Q3 FY26, McCormick generated $168M of operating cash flow and spent $56.0M on capital projects, leaving free cash flow of $112M. That is $94.0M less than in Q3 FY25 ($206M).

Over the twelve months to Aug 31, 2026, operating cash flow was $1.1B; the largest uses were acquisitions ($730M), dividends ($508M), other investing ($214M); besides operations, cash came from net borrowing (+) / repaid (−) ($584M), shares issued ($29.7M); the cash balance rose by $236M.

Operating cash flow was $168M against net income of $97.6M — 1.7× profit, cash ran ahead of reported earnings. The largest differences: other operating capital +$144M, receivables −$119M, depreciation & amortization +$76.6M.

Free cash flow

McCormick: free cash flow by quarterMcCormick: free cash flow by quarter$459MQ4 FY24$78.4MQ1 FY25−$2.4MQ2 FY25$206MQ3 FY25$542MQ4 FY25$18.4MQ1 FY26$337MQ2 FY26$112MQ3 FY26
Operating cash flow less capital spending.
McCormick: operating cash flow against capital spendingMcCormick: operating cash flow against capital spendingOperating cash flowCapital spending$459M$0Q4 FY24$116M$37.1MQ1 FY25$45.9M$48.3MQ2 FY25$259M$52.7MQ3 FY25$542M$0Q4 FY25$50.9M$32.5MQ1 FY26$380M$42.7MQ2 FY26$168M$56.0MQ3 FY26
Latest (Q3 FY26): Operating cash flow $168M, Capital spending $56.0M.

Capital allocation, year by year

McCormick: where the cash came from (up) and went (down), by fiscal yearMcCormick: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY21: Operating cash flow $828MFY21: Net borrowing −$1.1BFY21: Shares issued $13.5MFY21: Asset sales $65.4MFY21: Capital spending −$278MFY21: Acquisitions −$706MFY21: Buybacks −$8.6MFY21: Dividends −$363M$907MFY21FY22: Operating cash flow $652MFY22: Net borrowing −$73.7MFY22: Shares issued $41.4MFY22: Capital spending −$262MFY22: Buybacks −$38.8MFY22: Dividends −$397M$693MFY22FY23: Operating cash flow $1.2BFY23: Net borrowing −$736MFY23: Shares issued $16.6MFY23: Capital spending −$264MFY23: Buybacks −$35.7MFY23: Dividends −$418M$1.3BFY23FY24: Operating cash flow $922MFY24: Net borrowing −$94.5MFY24: Shares issued $17.5MFY24: Capital spending −$275MFY24: Buybacks −$53.1MFY24: Dividends −$451M$939MFY24FY25: Operating cash flow $962MFY25: Net borrowing −$367MFY25: Shares issued $20.9MFY25: Capital spending −$222MFY25: Acquisitions −$34.1MFY25: Buybacks −$34.8MFY25: Dividends −$483M$983MFY25
Over these 5 years operating cash flow totalled $4.6B; the largest uses were net borrowing ($2.3B) and dividends ($2.1B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$331M
Debt$5.0B
Net debt$4.7B
Due within a year$2.1B

McCormick funds itself: free cash flow was $1.1B over the last twelve months, and $331M of cash and investments stands against $5.0B of debt ($2.1B due within a year, 0.2× covered by cash).

McCormick: debt maturities by year (FY25)McCormick: debt maturities by year (FY25)$760MYear 2$10.4MYear 3$20.7MYear 4$512MYear 5$1.8BAfter year 5
Principal due in each year as disclosed in the annual report, against $331M of cash and investments now.

Where the cash came from and went

McCormick: sources (+) and uses (−) of cash, Q3 FY26McCormick: sources (+) and uses (−) of cash, Q3 FY26Operating cash flow$168MDividends−$129MCapital spending−$56.0MPartners−$12.4MNet borrowing (+) / repaid (−)$11.9MShares issued$10.3MOther financing$6.9MExchange rates$200KCash drawn (+) / kept (−)$100K
McCormick: sources (+) and uses (−) of cash, TTM to Q3 FY26McCormick: sources (+) and uses (−) of cash, TTM to Q3 FY26Operating cash flow$1.1BAcquisitions−$730MNet borrowing (+) / repaid (−)$584MDividends−$508MCash drawn (+) / kept (−)−$236MOther investing−$214MOther financing−$49.7MShares issued$29.7MBuybacks−$16.5MTaxes on employees’ shares−$11.9MExchange rates$11.8M

From profit to cash

McCormick: net income to operating cash flow, Q3 FY26McCormick: net income to operating cash flow, Q3 FY26Net income$108MDepreciation & amortization$76.6MStock-based pay$5.2MDeferred taxes−$10.5MImpairments$43.1MReceivables−$119MInventory−$38.3MPayables−$40.0MOther operating capital$144MOperating cash flow$168M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 FY26$168M−$56.0M——−$129M$11.9M$10.3M$100K$112M
Q2 FY26$380M−$42.7M——−$129M$14.8M$1.0M−$154M$337M
Q1 FY26$50.9M−$32.5M−$730M−$10.9M−$129M$924M$12.6M−$81.8M$18.4M
Q4 FY25$542M——−$5.6M−$121M−$366M$5.8M−$1.0M$542M
Q3 FY25$259M−$52.7M−$14.3M−$2.7M−$121M−$103M$1.8M$29.2M$206M
Q2 FY25$45.9M−$48.3M−$19.8M−$9.3M−$121M$141M$6.6M−$21.3M−$2.4M
Q1 FY25$116M−$37.1M—−$17.2M−$121M−$37.4M$6.7M$83.3M$78.4M
Q4 FY24$459M——−$24.1M−$113M−$250M$4.7M$14.7M$459M

McCormick: income statement and cash flow

McCormick, Q3 FY26: revenue $2.0B (+17% year over year), operating margin 10.7%. The chart follows the revenue to costs, profit and cash.

McCormick: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.