Cash Flow Statement

Operating Cash Flow

+48%

-8%

10Y

Currency: USD

	Feb-2002	May-2002	Aug-2002	Nov-2002	Feb-2003	May-2003	Aug-2003	Nov-2003	Feb-2004	May-2004	Aug-2004	Nov-2004	Feb-2005	May-2005	Aug-2005	Nov-2005	Feb-2006	May-2006	Aug-2006	Nov-2006	Feb-2007	May-2007	Aug-2007	Nov-2007	Feb-2008	May-2008	Aug-2008	Nov-2008	Feb-2009	May-2009	Aug-2009	Nov-2009	Feb-2010	May-2010	Aug-2010	Nov-2010	Feb-2011	May-2011	Aug-2011	Nov-2011	Feb-2012	May-2012	Aug-2012	Nov-2012	Feb-2013	May-2013	Aug-2013	Nov-2013	Feb-2014	May-2014	Aug-2014	Nov-2014	Feb-2015	May-2015	Aug-2015	Nov-2015	Feb-2016	May-2016	Aug-2016	Nov-2016	Feb-2017	May-2017	Aug-2017	Nov-2017	Feb-2018	May-2018	Aug-2018	Nov-2018	Feb-2019	May-2019	Aug-2019	Nov-2019	Feb-2020	May-2020	Aug-2020	Nov-2020	Feb-2021	May-2021	Aug-2021	Nov-2021	Feb-2022	May-2022	Aug-2022	Nov-2022	Feb-2023	May-2023	Aug-2023	Nov-2023	Feb-2024	May-2024	Aug-2024	Nov-2024	Feb-2025	May-2025	Aug-2025	Nov-2025
Operating Cash Flow
Net Income	154	161	162	180	181	187	204	211	214	217	212	215	212	212	214	215	193	212	207	202	232	212	226	230	237	249	261	256	262	259	266	300	310	326	353	370	379	386	376	374	372	379	391	408	409	408	408	389	396	401	420	438	426	426	400	402	425	434	464	472	472	479	459	477	807	830	895	933	659	685	703	703	699	746	760	747	765	752	759	755	748	683	694	682	666	700	647	681	708	740	793	789	785	776	778	789
Depreciation & Amortization	58	56	44	53	53	52	62	65	67	69	72	72	73	73	73	75	75	79	82	84	86	85	84	83	85	87	86	86	83	89	91	94	97	93	95	95	96	98	98	98	100	100	102	103	103	104	103	106	107	108	107	103	101	102	103	106	107	106	110	109	111	114	116	125	134	141	147	151	154	156	157	159	160	161	165	165	171	175	180	186	187	193	195	201	199	199	203	199	197	206	206	209	217	217	223	231
Change in Deffered Taxes	0	0	0	21	0	0	0	16	0	0	0	(2)	0	0	0	6	0	0	0	(26)	0	0	0	(12)	0	0	0	(9)	0	0	0	24	0	0	0	11	0	0	0	38	0	0	0	24	0	0	0	(15)	0	0	0	6	0	0	0	1	0	0	0	(40)	0	0	0	24	0	0	0	40	0	0	0	21	0	0	0	(11)	0	0	0	36	0	0	0	22	0	0	0	(5)	0	(33)	(43)	(30)	(40)	(15)	(9)	(7)
Stock-Based Compensation	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	25	5	13	17	21	20	20	19	18	17	14	14	13	12	12	12	12	12	12	13	13	14	14	15	20	20	24	24	19	19	18	18	18	19	20	20	19	18	21	22	26	27	24	24	24	24	26	27	26	28	32	35	37	37	42	44	46	54	62	62	67	64	61	62	60	61	62	62	63	63	56	52	47	56	46	45	46
Other Non-Cash Items	(19)	(17)	(18)	(20)	(26)	(28)	(36)	(33)	(24)	(22)	(13)	(15)	(17)	(19)	(20)	(21)	(12)	(35)	(29)	(22)	(27)	5	4	1	1	0	(2)	6	7	5	6	(3)	(7)	(10)	(14)	(14)	(15)	(15)	(14)	(12)	(8)	(5)	(3)	(1)	(1)	0	1	36	36	36	31	(5)	(8)	(9)	(0)	15	16	18	11	(2)	1	(3)	(6)	28	(270)	(265)	(271)	(321)	(23)	(24)	(12)	(5)	(6)	(2)	1	8	19	20	22	38	33	33	(14)	(31)	(35)	(31)	14	8	1	(13)	(21)	(29)	(17)	(29)	(30)	(26)
Cash Taxes Paid	0	0	0	58	0	0	0	81	0	0	0	78	0	0	0	79	0	0	0	71	0	0	0	112	0	0	0	103	0	0	0	107	0	0	0	83	0	0	0	104	0	0	0	103	0	0	0	106	0	0	0	129	0	0	0	112	0	0	0	151	0	0	0	156	0	0	0	155	0	0	0	137	0	0	0	183	0	0	0	179	0	0	0	192	0	0	0	118	0	0	0	221	0	0	0	240
Cash Interest Paid	0	0	0	43	0	0	0	39	0	0	0	41	0	0	0	49	0	0	0	52	0	0	0	61	0	0	0	52	0	0	0	54	0	0	0	49	0	0	0	50	0	0	0	55	0	0	0	54	0	0	0	50	0	0	0	52	0	0	0	58	0	0	0	72	0	0	0	180	0	0	0	170	0	0	0	134	0	0	0	136	0	0	0	149	0	0	0	204	0	0	0	210	0	0	0	193
Change in Working Capital	18	(29)	0	(17)	(30)	(41)	(63)	(62)	(35)	(8)	21	72	64	65	87	57	63	83	53	72	(19)	(51)	(74)	(77)	12	1	(16)	(24)	(66)	(25)	40	1	(0)	(49)	(92)	(75)	(101)	(122)	(142)	(159)	(117)	(64)	(17)	(79)	(72)	(93)	(110)	(51)	(13)	(15)	(30)	(38)	(2)	(17)	35	67	23	57	10	119	81	73	109	160	57	143	106	18	115	43	38	70	13	62	132	132	20	(22)	(162)	(187)	(126)	(191)	(205)	(222)	(115)	1	176	354	372	245	105	(16)	(46)	(167)	(84)	(26)
Cash from Operating Activities	214 N/A	173 -19%	190 +10%	217 +14%	199 -8%	191 -4%	188 -2%	197 +5%	237 +20%	272 +15%	307 +13%	342 +12%	332 -3%	329 -1%	352 +7%	332 -6%	325 -2%	344 +6%	318 -8%	311 -2%	246 -21%	224 -9%	214 -5%	225 +5%	324 +44%	325 +0%	317 -3%	315 -1%	277 -12%	319 +15%	394 +24%	416 +5%	424 +2%	384 -9%	366 -5%	388 +6%	370 -5%	359 -3%	328 -9%	340 +4%	386 +13%	448 +16%	511 +14%	455 -11%	464 +2%	443 -4%	426 -4%	465 +9%	510 +10%	515 +1%	514 0%	504 -2%	523 +4%	507 -3%	544 +7%	590 +8%	572 -3%	617 +8%	596 -3%	658 +10%	625 -5%	623 0%	639 +3%	815 +28%	751 -8%	873 +16%	901 +3%	821 -9%	945 +15%	901 -5%	927 +3%	947 +2%	888 -6%	988 +11%	1 079 +9%	1 041 -3%	964 -7%	915 -5%	788 -14%	828 +5%	878 +6%	754 -14%	706 -6%	652 -8%	737 +13%	891 +21%	1 062 +19%	1 237 +17%	1 272 +3%	1 145 -10%	1 040 -9%	922 -11%	899 -2%	782 -13%	879 +12%	962 +9%
Investing Cash Flow
Capital Expenditures	(111)	(120)	(102)	(100)	(83)	(65)	(72)	(92)	(87)	(79)	(80)	(63)	(64)	(65)	(63)	(67)	(68)	(68)	(73)	(85)	(85)	(88)	(84)	(79)	(80)	(84)	(85)	(86)	(84)	(82)	(83)	(82)	(76)	(78)	(81)	(89)	(94)	(90)	(95)	(97)	(98)	(99)	(100)	(110)	(108)	(110)	(102)	(100)	(106)	(113)	(124)	(133)	(130)	(128)	(125)	(128)	(135)	(141)	(146)	(154)	(161)	(165)	(174)	(182)	(184)	(176)	(187)	(169)	(163)	(163)	(164)	(174)	(187)	(207)	(212)	(225)	(235)	(251)	(270)	(278)	(273)	(267)	(255)	(262)	(280)	(279)	(282)	(264)	(264)	(276)	(266)	(275)	(250)	(230)	(224)	(222)
Other Items	0	1	1	5	(14)	36	1	(9)	11	(40)	(5)	(72)	(73)	(72)	(73)	(3)	(3)	17	(97)	(87)	(90)	(111)	(10)	(14)	(88)	(74)	(667)	(661)	(585)	(598)	7	1	1	0	6	(41)	(41)	(41)	(85)	(441)	(441)	(441)	(402)	1	2	(114)	(127)	(140)	(140)	(24)	(11)	1	1	(111)	(210)	(211)	(210)	(216)	(114)	(113)	(237)	(120)	(4 326)	(4 326)	(4 207)	(4 206)	0	11	15	14	14	3	3	5	2	(800)	(1 507)	(1 443)	(1 443)	(631)	76	23	121	116	0	106	7	3	4	1	1	6	6	(14)	(28)	(33)
Cash from Investing Activities	(111) N/A	(119) -7%	(101) +15%	(95) +5%	(97) -2%	(29) +70%	(70) -140%	(101) -43%	(76) +25%	(119) -58%	(86) +28%	(134) -57%	(136) -1%	(138) -1%	(136) +1%	(70) +49%	(71) -2%	(51) +28%	(170) -231%	(172) -2%	(175) -2%	(199) -14%	(94) +53%	(93) +1%	(168) -81%	(158) +6%	(751) -375%	(747) +1%	(669) +10%	(680) -2%	(76) +89%	(82) -8%	(75) +8%	(78) -3%	(75) +4%	(130) -73%	(135) -4%	(131) +3%	(181) -38%	(538) -198%	(538) 0%	(539) 0%	(502) +7%	(109) +78%	(105) +3%	(224) -112%	(230) -3%	(240) -4%	(246) -3%	(137) +44%	(135) +2%	(132) +2%	(129) +2%	(239) -85%	(335) -40%	(339) -1%	(346) -2%	(356) -3%	(260) +27%	(267) -3%	(398) -49%	(286) +28%	(4 500) -1 476%	(4 508) 0%	(4 391) +3%	(4 382) +0%	(187) +96%	(159) +15%	(149) +6%	(149) 0%	(150) 0%	(171) -14%	(184) -8%	(202) -10%	(210) -4%	(1 026) -389%	(1 743) -70%	(1 694) +3%	(1 713) -1%	(909) +47%	(197) +78%	(244) -24%	(134) +45%	(146) -10%	(164) -12%	(173) -6%	(276) -59%	(261) +6%	(261) 0%	(275) -5%	(265) +4%	(269) -2%	(244) +9%	(244) +0%	(252) -3%	(255) -1%
Financing Cash Flow
Net Issuance of Common Stock	24	26	21	18	(6)	(18)	(17)	(90)	(78)	(122)	(144)	(121)	(150)	(163)	(151)	(141)	(115)	(84)	(94)	(109)	(98)	(104)	(168)	(114)	(114)	(66)	37	38	36	26	13	36	46	52	30	(9)	(56)	(90)	(60)	(31)	(26)	(12)	(49)	(79)	(101)	(102)	(78)	(133)	(131)	(181)	(233)	(213)	(218)	(158)	(100)	(113)	(99)	(136)	(213)	(209)	(244)	(242)	383	446	520	547	2	16	(8)	15	22	(4)	7	14	(4)	9	25	9	9	5	23	22	11	3	(17)	(28)	(22)	(19)	(17)	(6)	(25)	(36)	(50)	(55)	(34)	(14)
Net Issuance of Debt	(40)	(32)	(70)	(74)	(89)	(120)	(58)	16	(46)	22	(5)	19	37	53	33	(68)	(42)	(75)	23	77	131	146	153	66	29	(7)	471	509	482	434	(199)	(252)	(265)	(205)	(190)	(114)	(49)	(18)	54	368	334	279	224	(81)	(80)	56	125	67	74	2	(8)	56	29	111	131	118	126	142	123	56	252	144	3 768	3 582	3 447	3 314	(525)	(467)	(554)	(507)	(380)	(407)	(325)	(420)	(498)	556	1 157	1 186	1 365	398	(215)	(58)	(100)	(74)	(103)	(476)	(569)	(736)	(757)	(395)	(214)	(95)	(175)	(44)	(250)	(367)
Cash Paid for Dividends	(56)	(57)	(58)	(59)	(59)	(60)	(62)	(64)	(68)	(72)	(74)	(77)	(79)	(82)	(84)	(86)	(88)	(91)	(93)	(95)	(97)	(99)	(102)	(104)	(106)	(108)	(111)	(114)	(117)	(120)	(122)	(125)	(129)	(132)	(135)	(138)	(141)	(144)	(146)	(149)	(153)	(157)	(161)	(165)	(168)	(172)	(176)	(180)	(183)	(187)	(190)	(192)	(195)	(198)	(201)	(205)	(208)	(212)	(215)	(218)	(222)	(226)	(230)	(238)	(247)	(257)	(267)	(273)	(281)	(288)	(295)	(302)	(309)	(316)	(323)	(330)	(339)	(347)	(355)	(363)	(372)	(380)	(388)	(397)	(402)	(408)	(413)	(419)	(427)	(435)	(443)	(451)	(459)	(467)	(475)	(483)
Other	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	(2)	(7)	(33)	(34)	(36)	(35)	(14)	(27)	(27)	(31)	(24)	(13)	(13)	(13)	(14)	(14)	(17)	(19)	(18)	(17)	(23)	(22)	(22)	(19)	(14)	(12)	(10)	(10)	(7)	(3)	(7)	(2)	14	11	3	23
Cash from Financing Activities	(72) N/A	(63) +13%	(106) -69%	(115) -8%	(155) -35%	(198) -28%	(137) +31%	(138) 0%	(192) -40%	(172) +10%	(224) -30%	(178) +20%	(192) -8%	(192) +0%	(202) -5%	(294) -45%	(245) +17%	(250) -2%	(164) +34%	(127) +22%	(64) +50%	(58) +10%	(117) -103%	(152) -30%	(190) -25%	(181) +5%	397 N/A	433 +9%	402 -7%	341 -15%	(308) N/A	(342) -11%	(348) -2%	(285) +18%	(295) -3%	(261) +11%	(246) +6%	(252) -2%	(152) +39%	188 N/A	155 -17%	110 -29%	15 -87%	(324) N/A	(349) -8%	(218) +37%	(128) +41%	(246) -92%	(240) +2%	(365) -52%	(430) -18%	(349) +19%	(385) -10%	(245) +36%	(170) +31%	(200) -17%	(181) +9%	(206) -14%	(305) -48%	(372) -22%	(216) +42%	(331) -53%	3 887 N/A	3 756 -3%	3 685 -2%	3 570 -3%	(803) N/A	(751) +7%	(870) -16%	(810) +7%	(678) +16%	(726) -7%	(639) +12%	(736) -15%	(839) -14%	221 N/A	827 +274%	829 +0%	1 001 +21%	22 -98%	(586) N/A	(438) +25%	(499) -14%	(487) +2%	(536) -10%	(924) -72%	(1 015) -10%	(1 184) -17%	(1 207) -2%	(838) +31%	(689) +18%	(583) +15%	(671) -15%	(554) +17%	(756) -36%	(841) -11%
Change in Cash
Effect of Foreign Exchange Rates	0	1	8	10	13	21	8	19	26	11	16	16	4	4	7	(8)	(1)	11	7	7	(0)	(1)	5	17	20	21	22	(8)	(11)	(14)	(13)	8	(2)	(11)	(1)	15	31	49	34	13	11	(5)	(4)	3	5	9	6	4	(3)	(3)	(1)	(9)	(17)	(15)	(25)	(16)	(16)	(13)	(5)	(14)	3	(8)	6	5	9	12	(4)	(2)	(4)	(4)	(10)	9	4	(5)	28	32	37	57	16	(14)	(13)	(38)	(42)	(36)	(18)	7	40	40	17	7	(41)	(50)	(59)	(26)	23	44
Net Change in Cash	31 N/A	(7) N/A	(9) -20%	16 N/A	(39) N/A	(15) +61%	(11) +27%	(22) -99%	(5) +77%	(9) -72%	14 N/A	45 +230%	7 -85%	4 -40%	20 +408%	(40) N/A	7 N/A	54 +645%	(8) N/A	19 N/A	7 -63%	(34) N/A	8 N/A	(3) N/A	(14) -354%	7 N/A	(15) N/A	(7) +54%	(1) +85%	(34) -3 145%	(2) +93%	1 N/A	(2) N/A	10 N/A	(4) N/A	11 N/A	19 +65%	25 +33%	29 +15%	3 -89%	14 +345%	14 -2%	20 +48%	25 +26%	14 -43%	11 -25%	75 +597%	(16) N/A	21 N/A	9 -55%	(53) N/A	14 N/A	(8) N/A	8 N/A	15 +80%	35 +142%	30 -15%	42 +40%	26 -39%	6 -78%	14 +140%	(2) N/A	32 N/A	68 +114%	54 -21%	73 +35%	(93) N/A	(90) +3%	(77) +14%	(63) +18%	90 N/A	59 -35%	69 +16%	46 -33%	58 +27%	268 +362%	85 -68%	107 +25%	92 -14%	(72) N/A	82 N/A	34 -59%	31 -8%	(18) N/A	18 N/A	(198) N/A	(189) +5%	(167) +12%	(179) -7%	39 N/A	46 +19%	20 -58%	(75) N/A	(42) +44%	(106) -151%	(90) +15%
Free Cash Flow
Free Cash Flow	102 N/A	53 -48%	88 +67%	116 +32%	117 +0%	126 +8%	116 -7%	106 -9%	150 +42%	193 +28%	227 +18%	280 +23%	268 -4%	264 -1%	289 +9%	265 -8%	256 -3%	276 +8%	246 -11%	226 -8%	161 -29%	136 -16%	130 -4%	146 +12%	244 +67%	241 -1%	232 -4%	229 -2%	193 -16%	236 +22%	312 +32%	333 +7%	348 +4%	306 -12%	285 -7%	299 +5%	275 -8%	269 -2%	233 -13%	243 +5%	288 +18%	350 +21%	411 +17%	345 -16%	357 +3%	334 -6%	324 -3%	365 +13%	404 +11%	402 -1%	390 -3%	371 -5%	393 +6%	379 -3%	420 +11%	462 +10%	437 -5%	476 +9%	450 -6%	504 +12%	464 -8%	457 -1%	464 +2%	633 +36%	566 -11%	697 +23%	715 +3%	652 -9%	782 +20%	737 -6%	763 +4%	773 +1%	701 -9%	781 +11%	867 +11%	816 -6%	729 -11%	664 -9%	518 -22%	550 +6%	605 +10%	487 -20%	451 -8%	390 -14%	457 +17%	612 +34%	779 +27%	973 +25%	1 008 +4%	869 -14%	774 -11%	647 -16%	649 +0%	552 -15%	655 +19%	740 +13%

Income Statement Balance Sheet Cash Flow Statement

McCormick & Company Inc
NYSE:MKC

Cash Flow Statement

Cash Flow Statement
McCormick & Company Inc

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McCormick & Company Inc NYSE:MKC

Cash Flow Statement

Cash Flow Statement McCormick & Company Inc

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McCormick & Company Inc
NYSE:MKC

Cash Flow Statement
McCormick & Company Inc