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Sentiment · FY2026 Q2
Sales surged with 16.7% reported growth including McCormick de Mexico contributions, and EPS grew significantly as organic growth continued across both segments. The earnings call was dominated by the Unilever Foods combination announcement at $44.8 billion enterprise value, targeting $600 million in cost synergies and 3-5% organic growth for the combined entity. Standalone FY2026 guidance was maintained unchanged.
Demand | Margin | Cost Pressure | M&A | Competitive Dynamics | Pricing | Innovation & R&D | Revenue Growth | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 5 | 3 | 1 | 4 | 1 | 3 | 3 | |
| 2025Q1 | 8 | 3 | 3 | 1 | 3 | 2 | ||
| 2025Q2 | 3 | 2 | 2 | 3 | 2 | 3 | 3 | |
| 2025Q3 | 5 | 3 | 5 | 1 | 2 | 6 | 2 | 2 |
| 2025Q4 | 4 | 5 | 3 | 1 | 1 | 1 | 2 | |
| 2026Q1 | 1 | 2 | 1 | 14 | 2 | 1 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Demand | 5 | 8 | 3 | 5 | 4 | 1 |
| Margin | 3 | 3 | 2 | 3 | 5 | 2 |
| Cost Pressure | 1 | 3 | 2 | 5 | 3 | 1 |
| M&A | 1 | 14 | ||||
| Competitive Dynamics | 4 | 1 | 3 | 2 | 1 | 2 |
| Pricing | 1 | 3 | 2 | 6 | 1 | |
| Innovation & R&D | 3 | 2 | 3 | 2 | 1 | |
| Revenue Growth | 3 | 3 | 2 | 2 | 1 |
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Alexia Howard | Bernstein | 14 (14%) |
| Peter Galbo | Bank of America | 14 (14%) |
| Max Gumport | BNP Paribas | 13 (15%) |
| Andrew Lazar | Barclays | 13 (23%) |
| Tom Palmer | JPMorgan | 12 (0%) |
| Steve Powers | Deutsche Bank | 10 (10%) |
| Rob Moskow | TD Cowen | 10 (70%) |
| Scott Marks | Jefferies | 7 (0%) |
| Ken Goldman | JPMorgan | 3 (0%) |
| Rob Dickerson | BTIG | 2 (0%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| JPMorgan | 2 | 15 (0%) |
| Bank of America | 1 | 14 (14%) |
| Bernstein | 1 | 14 (14%) |
| Barclays | 1 |
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Gross margin | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $1.80B | +2.6% | $0.80 | -1.2% | 40.2% | 17.0% | 12.0% | $373M |
| FY2025 Q1 | $1.61B | +0.2% | $0.60 | -3.2% | 37.6% | 14.0% | 10.1% | $78M |
| FY2025 Q2 | $1.66B | +1.0% | $0.65 |
What MKC and other companies said about each other on FY2026 Q1 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“This includes the announced $43 billion merger of Unilever's food business with McCormick, [ Sysco's ] $29 billion acquisition of Jetro Restaurant Depot and Cortera Energy's $26 billion sale to Devon Energy.”
Goldman advised on the announced $43B merger of Unilever's food business with McCormick, a read-through on a large-scale McCormick M&A transaction.
“We advised on the three largest deals so far this year—Paramount, McCormick, and EQT/AES—demonstrating how we are far better penetrating the C-suite.”
Citi advised on a McCormick transaction, one of the three largest M&A deals of the year, a read-through on McCormick's major M&A activity.
| 13 (23%) |
| BNP Paribas | 1 | 13 (15%) |
| Deutsche Bank | 1 | 10 (10%) |
| TD Cowen | 1 | 10 (70%) |
| Jefferies | 1 | 7 (0%) |
| -4.4% |
| 37.5% |
| 14.8% |
| 10.5% |
| $-2M |
| FY2025 Q3 | $1.72B | +2.7% | $0.84 | +1.2% | 37.4% | 16.7% | 13.1% | $344M |
| FY2025 Q4 | $1.85B | +2.9% | $0.84 | +5.0% | 38.9% | 17.1% | 12.2% | $458M |
| FY2026 Q1 | $1.87B | +16.7% | $3.77 | +528.3% | 37.8% | 13.5% | 54.2% | $18M |
| FY2026 Q2 | $1.94B | +16.7% | $0.56 | -13.8% | 40.2% | 14.3% | 8.3% | $337M |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
“We are bringing together 2 leading organizations, McCormick and Unilever Foods, to create a strong, scaled and growth-oriented company that will be flavor-focused and exceptionally well positioned to succeed in today's dynamic environment.”
McCormick announced a Reverse Morris Trust combination with Unilever's Foods business (Unilever holders to own 65% plus $15.7B cash), creating a ~$20B global flavor company.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
MKC McCormick & Company | 6 | +16.7% | |
| CAG Conagra Brands | 5 | -1.9% | |
| CPB Campbell Soup Company | 1 | -4.5% | |
| GIS General Mills | 4 | -8.4% | |
| HRL Hormel Foods | 6 | +1.3% | |
| KHC Kraft Heinz | 4 | +0.8% | |
| SJM J.M. Smucker Company (The) | 5 | +7.0% |