The EPS beat and reaffirmed guidance provide a floor, but the revenue miss and negative volume/mix (-0.3%) signal underlying consumer weakness. Watch for activist pressure on cost structure and the Unilever Foods deal timeline (expected close mid-2027).
Price Chart
Executive Summary
McCormick reported Q3 2026 adjusted EPS of $0.86, a 10.1% beat versus the $0.78 consensus, on revenue of $2.02B (consensus $2.11B, a 4.1% miss). The company reaffirmed its full-year 2026 outlook for net sales growth of 13%-17%, adjusted operating income growth of 16%-20%, and adjusted EPS of $3.05-$3.13. GAAP EPS was $0.36, depressed by $141.5M in special charges including a $43.1M impairment on a pepper sourcing project. Organic sales grew 1.9%, driven by price, while volume/mix declined 0.3%. The activist investor (SC 13D/A filed Aug 2026) adds scrutiny, but the reaffirmed guidance and EPS beat provide near-term support.
Key Financial Metrics
Key Facts
- Q3 2026 adjusted EPS $0.86 vs consensus $0.78 (beat 10.1%)
- Q3 2026 revenue $2.02B vs consensus $2.11B (miss 4.1%)
- Organic sales growth 1.9% (price +2.2%, volume/mix -0.3%)
- GAAP EPS $0.36 vs $0.84 YoY, hit by $141.5M special charges including $43.1M impairment
- Adjusted operating income $358.5M, up 22.1% YoY
- Full-year 2026 outlook reaffirmed: net sales growth 13%-17%, adj. EPS $3.05-$3.13
- McCormick de Mexico acquisition contributed 14% to sales growth
- Activist investor (SC 13D/A filed Aug 2026) within 90 days of earnings
Financial Impact
Adjusted EPS beat of $0.08 (10.1%) vs consensus; revenue miss of $86M (4.1%) vs consensus; GAAP EPS depressed by $0.50 in special charges
Risk Factors
- Consumer volume/mix declining 0.3% organically, suggesting demand softness
- Revenue miss vs consensus despite 17.4% reported growth (driven by acquisition)
- Special charges of $141.5M, including $43.1M impairment, weigh on GAAP results
- Pending Unilever Foods combination faces regulatory and integration risks
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000063754-26-000326 |
| Document: mkc-20261001.htm | 0000063754-26-000326 |
| Document: 0000063754-26-000326-index-headers.html | 0000063754-26-000326 |
| Document: 0000063754-26-000326-index.html | 0000063754-26-000326 |
| Document: 0000063754-26-000326.txt | 0000063754-26-000326 |
| 8-K Data (Synthetic) | 0000063754-26-000326 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 23, 2026 3d ago | Institutional Cluster | $48.12 | awaiting T+5 | — | $47.40 (−1.49%) |
Oct 1, 2026 26d ago | 8-K | $44.14 $45.94 | ▲ +4.08% | ▲ +2.78% | $47.40 (+7.40%) |
Oct 1, 2026 26d ago | Press Release | $44.14 $45.94 | ▲ +4.08% | ▲ +2.78% | $47.40 (+7.40%) |
Sep 24, 2026 4w ago | Press Release | $47.94 $44.67 | ▼ −6.82% | ▼ −6.60% | $47.40 (−1.12%) |
Jul 21, 2026 14w ago | Institutional Cluster | $52.35 $50.61 | ▼ −3.32% | ▼ −2.10% | $47.40 (−9.45%) |
Mar 18, 2026 31w ago | 8-K | $54.57 $52.31 | ▼ −4.14% | ▼ −3.43% | $47.40 (−13.14%) |
US Market Status
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