Analyst Consensus ?
ConsensusHold29 ratings
Bullish1034.5%
Neutral1758.6%
Bearish26.9%
McCormick & Company, Incorporated · MKC · FY2026 Q3 · Calendar Q4 2026
McCormick reports strong Q3 growth while U.S. volumes remain soft
The quarter provides evidence for a constructive operating trajectory: acquisition contribution, organic growth and margin expansion supported results, while management maintained its outlook. The counterevidence is concentrated in soft Consumer Americas volumes, a packaging constraint and execution risks tied to integration, inflation and deleveraging.
Reported Before market openNYSEConsumer Defensive
$11.87B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$0.86
Consensus $0.76
EPS surprise
+13.9%
Reported versus consensus
Reported revenue
$2.02B
Consensus $1.98B
Revenue surprise
+2.5%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
-4.9%
Event window
SPY move
+0.2%
Same window
Abnormal move
-5.0%
Stock minus SPY
Volume
2.7×
Versus trailing sessions
Subsequent drift
0.0%
Up to 20 sessions
MKCSPY benchmark
Ask FN2 about MKC FY2026 Q3
Transcript, numbers and history already loaded
Why did MKC fall 4.9% after beating EPS estimates in FY2026 Q3?What changed in MKC's guidance and outlook in FY2026 Q3?Give me the bull and bear case for MKC after FY2026 Q3 earnings.
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Transcript intelligence
What changed
Growth and margin performance strengthened versus the prior-quarter analysis, while the current quarter added a specific packaging constraint and a cyclospora-related QSR traffic headwind to the risk picture. Management also moved from integration planning toward continued execution of the proposed Unilever Foods combination, with capex and deleveraging remaining priorities.
Guidance delta
Maintained; management reiterated confidence in meeting its 2026 outlook.
Key takeaways
- Third-quarter net sales grew 17% in constant currency, driven by the McCormick de Mexico acquisition and 2% organic growth.
- Adjusted gross margin expanded 180 basis points, supported by pricing, productivity initiatives and acquisition accretion.
- Consumer Americas faced soft volumes and a short-term packaging supply constraint, while EMEA and Asia Pacific were described as solid.
- The proposed Unilever Foods combination remains on track, alongside continued capex and a plan to deleverage.
Management priorities
- Advance the proposed Unilever Foods integration and synergy plan.
- Accelerate innovation across Flavor Solutions and Consumer.
- Use price-pack architecture, distribution expansion and promotional spending to improve volumes.
- Invest in capacity and digital transformation while continuing to deleverage.
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Analyst 52W Price Targets
$46.06Current
$47Low
$67.94Average
$93High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 8, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| UBS | Neutral | Neutral | Maintain | Oct 2, 2026 |
| TD Cowen | Hold | Hold | Maintain | Oct 2, 2026 |
| Stifel | Hold | Hold | Maintain | Oct 2, 2026 |
| BNP Paribas | Outperform | Outperform | Maintain | Oct 2, 2026 |
| Barclays | Equal Weight | Equal Weight | Maintain | Oct 2, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | Sep 18, 2026 |
| Deutsche Bank | Buy | Buy | Maintain | Jun 26, 2026 |
| Bernstein | Outperform | Outperform | Maintain | Jun 26, 2026 |
| Jefferies | Buy | Buy | Maintain | Apr 1, 2026 |
| Citigroup | Neutral | Neutral | Maintain | Jun 17, 2025 |
| B of A Securities | Buy | Buy | Maintain | Oct 2, 2024 |
| Argus Research | Buy | Hold | Upgrade | Apr 2, 2024 |
| Consumer Edge Research | Equal Weight | Overweight | Downgrade | Jan 22, 2024 |
| Exane BNP Paribas | Outperform | Outperform | Maintain | Nov 15, 2022 |
| Credit Suisse | Neutral | Outperform | Downgrade | Jan 19, 2022 |
| CFRA | Hold | Hold | Maintain | Mar 31, 2020 |
| Goldman Sachs | Sell | Neutral | Downgrade | Dec 10, 2019 |
| Stifel Nicolaus | Hold | Hold | Maintain | Sep 28, 2018 |
| Vertical Research | Hold | Buy | Downgrade | Jun 29, 2018 |
| Vertical Group | Hold | Buy | Downgrade | Jun 29, 2018 |
| Bank of America | Buy | Buy | Maintain | Dec 6, 2016 |
| BB&T Capital | Hold | Buy | Downgrade | Feb 18, 2016 |
| S&P Capital IQ | Sell | Hold | Downgrade | Jan 29, 2014 |
| Wellington Shields | Buy | Buy | Maintain | Sep 27, 2013 |
| Keybanc | Hold | Buy | Downgrade | Apr 22, 2013 |
| Northcoast Research | Neutral | Buy | Downgrade | Apr 1, 2013 |
| Davenport | Neutral | Buy | Downgrade | Jan 10, 2013 |
| Janney Montgomery Scott | Neutral | Buy | Downgrade | Aug 3, 2012 |
| Janney Capital | Neutral | Buy | Downgrade | Aug 3, 2012 |
Named analyst price targets
Upside is calculated against the persisted current price $46.06. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| UBS | Analyst unavailable | $48 | $44.52 | +4.2% | Oct 2, 2026 |
| Deutsche Bank | Analyst unavailable | $57 | $44.55 | +23.8% | Oct 2, 2026 |
| Bernstein | Alexia Howard | $59 | $44.14 | +28.1% | Oct 2, 2026 |
| Stifel Nicolaus | Matthew Smith | $48 | $44.14 | +4.2% | Oct 2, 2026 |
| Barclays | Analyst unavailable | $47 | $44.14 | +2.0% | Oct 2, 2026 |
| Coker Palmer | Thomas Palmer | $62 | $49.34 | +34.6% | Sep 18, 2026 |
| Barclays | Analyst unavailable | $55 | $51.05 | +19.4% | Jun 29, 2026 |
| UBS | Analyst unavailable | $52 | $48.35 | +12.9% | Jun 26, 2026 |
| Bernstein | Alexia Howard | $68 | $48.35 | +47.6% | Jun 26, 2026 |
| Deutsche Bank | Analyst unavailable | $60 | $48.35 | +30.3% | Jun 26, 2026 |
| UBS | Peter Grom | $51 | $46.28 | +10.7% | Jun 2, 2026 |
| Barclays | Andrew Lazar | $67 | $60.79 | +45.5% | Jan 26, 2026 |
| UBS | Bryan Adams | $67 | $60.12 | +45.5% | Jan 23, 2026 |
| Bernstein | Analyst unavailable | $85 | $61.2 | +84.5% | Jan 23, 2026 |
| Coker Palmer | Thomas Palmer | $72 | $61.2 | +56.3% | Jan 23, 2026 |
| Deutsche Bank | Analyst unavailable | $75 | $66.8 | +62.8% | Dec 15, 2025 |
| Bernstein | Alexia Howard | $87 | $66.28 | +88.9% | Dec 11, 2025 |
| Jefferies | Analyst unavailable | $78 | $65.86 | +69.3% | Oct 8, 2025 |
| UBS | Analyst unavailable | $70 | $65.86 | +52.0% | Oct 8, 2025 |
| Bernstein | Alexia Howard | $93 | $65.62 | +101.9% | Oct 8, 2025 |
| Stifel Nicolaus | Analyst unavailable | $71 | $65.62 | +54.1% | Oct 8, 2025 |
| Deutsche Bank | Steve Powers | $71 | $65.62 | +54.1% | Oct 8, 2025 |
| Barclays | Andrew Lazar | $72 | $65.62 | +56.3% | Oct 8, 2025 |
| UBS | Bryan Adams | $71 | $67.16 | +54.1% | Oct 1, 2025 |
| Coker Palmer | Thomas Palmer | $82 | $65.71 | +78.0% | Sep 25, 2025 |
| UBS | Analyst unavailable | $79 | $72.26 | +71.5% | Aug 22, 2025 |
| Coker Palmer | Thomas Palmer | $77 | $72.96 | +67.2% | Jun 17, 2025 |
| Jefferies | Rob Dickerson | $91 | $77.5 | +97.6% | Dec 9, 2024 |
| Jefferies | Rob Dickerson | $85 | $78.86 | +84.5% | Oct 22, 2024 |
| Stifel Nicolaus | Matthew Smith | $85 | $84.09 | +84.5% | Oct 2, 2024 |
| Goldman Sachs | Adam Samuelson | $69 | $84.09 | +49.8% | Oct 1, 2024 |
| Jefferies | Rob Dickerson | $86 | $84.09 | +86.7% | Oct 1, 2024 |
| CFRA | Arun Sundaram | $93 | $82.92 | +101.9% | Oct 1, 2024 |
| Argus Research | John Staszak | $80 | $70.6 | +73.7% | Jun 28, 2024 |
| Deutsche Bank | Steve Powers | $73 | $70.6 | +58.5% | Jun 28, 2024 |
| Coker Palmer | Thomas Palmer | $69 | $69.2 | +49.8% | Jun 12, 2024 |
| Argus Research | John Staszak | $88 | $76.62 | +91.1% | Apr 2, 2024 |
| HSBC | Alejandro Zamacona | $79 | $76.6 | +71.5% | Mar 27, 2024 |
| Stifel Nicolaus | Matthew Smith | $75 | $76.37 | +62.8% | Mar 27, 2024 |
| CFRA | Arun Sundaram | $85 | $77.3 | +84.5% | Mar 26, 2024 |
| Deutsche Bank | Analyst unavailable | $83 | $84.18 | +80.2% | Dec 6, 2022 |
| Barclays | Analyst unavailable | $82 | $81.26 | +78.0% | Sep 12, 2022 |
| Deutsche Bank | Analyst unavailable | $79 | $78.38 | +71.5% | Sep 8, 2022 |
| Deutsche Bank | Steve Powers | $85 | $82.07 | +84.5% | Jul 9, 2022 |
| Deutsche Bank | Analyst unavailable | $91 | $83.01 | +97.6% | Jun 21, 2022 |
Track every rating change on MKC the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationMcCormick & Company, Incorporated is a global leader in the manufacture, marketing, and distribution of a wide array of flavorful products, including spices, seasoning mixes, and condiments, to the food industry. Its operations are divided into two primary segments: Consumer and Flavor Solutions. The Consumer segment provides an extensive range of items such as spices, herbs, seasonings, sauces, and desserts. These are sold under numerous prominent brands across various regions: McCormick, French's, Frank's RedHot, Lawry's Cholula Hot Sauce, Gourmet Garden, Club House, and OLD BAY in the Americas; Ducros, Schwartz, Kamis, Drogheria & Alimentari, and Vahiné throughout Europe, the Middle East, and Africa (EMEA); McCormick and DaQiao in China; and McCormick, Aeroplane, and Gourmet Garden in Australia.…
Historical context
All MKC earningsConsumer Defensive peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| STZ Constellation Brands, Inc. | FY2027 Q2 · Calendar Q4 2026 | +5.4% | +2.4% | Constellation Brands beats expectations and maintains FY27 EPS guidance |
| LW Lamb Weston Holdings, Inc. | FY2027 Q1 · Calendar Q4 2026 | +27.8% | +7.5% | Lamb Weston raises FY2027 outlook as North America volume growth continues |
| CAG Conagra Brands, Inc. | FY2027 Q1 · Calendar Q3 2026 | +44.4% | -4.9% | Conagra maintains outlook while increasing brand investment and simplifying SKUs |
| COST Costco Wholesale Corporation | FY2026 Q4 · Calendar Q3 2026 | +3.2% | +2.9% | Costco’s growth broadens as warehouses and digital sales accelerate |
| GIS General Mills, Inc. | FY2027 Q1 · Calendar Q3 2026 | +4.6% | +1.0% | General Mills leans on mix, innovation and e-commerce amid pressure |
| KR The Kroger Co. | FY2026 Q2 · Calendar Q3 2026 | +2.8% | +2.7% | Kroger: Strong digital growth offsets softer sales outlook |
Latest beats and misses
Who reports nextBeat on EPS
- STZFY2027 Q2 · October 6, 2026+5.4% EPS+2.4% move
- LWFY2027 Q1 · October 6, 2026+27.8% EPS+7.5% move
- RPMFY2027 Q1 · October 6, 2026+1.5% EPS+3.2% move
- ACNFY2026 Q4 · October 1, 2026+3.5% EPS+15.8% move
- NKEFY2027 Q1 · October 1, 2026+10.0% EPS-0.7% move
- CAGFY2027 Q1 · September 30, 2026+44.4% EPS-4.9% move
Get the MKC recap when the next report posts
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Sources
- Earnings call transcript and parsed analysis · 2026-10-01T19:06:58.092448+00:00
- FN2 earnings calendar · 2026-10-02T01:23:12.402275+00:00
- Polygon adjusted daily market bars · 2026-10-02T07:26:10.370452+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-02T07:26:10.367657+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-10-02. For educational purposes only; not investment advice.