Analyst Consensus ?
ConsensusHold29 ratings
Bullish1034.5%
Neutral1758.6%
Bearish26.9%
McCormick & Company, Incorporated · MKC · FY2026 Q3 · Calendar Q4 2026
McCormick Maintains 2026 Outlook Despite Consumer Volume Risks
The quarter provides evidence of resilient demand in parts of the portfolio: acquisition-led growth, 2% organic growth and margin expansion supported management's maintained outlook. The thesis is not uniform, however, because Consumer volumes are soft and execution, integration and inflation risks remain material.
Reported Before market openNYSEConsumer Defensive
$12.47B market cap
80quality score
Earnings scorecard
Reported versus consensus
Reported EPS
—
Consensus $0.76
EPS surprise
—
Reported versus consensus
Reported revenue
—
Consensus $1.98B
Revenue surprise
—
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
-3.5%
Event window
SPY move
+0.3%
Same window
Abnormal move
-3.8%
Stock minus SPY
Volume
1.6×
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
What drove MKC's -3.5% move after FY2026 Q3 earnings?What changed in MKC's guidance and outlook in FY2026 Q3?Give me the bull and bear case for MKC after FY2026 Q3 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Compared with the prior-quarter analysis, the current quarter adds 17% constant-currency net sales growth, 180 basis points of adjusted gross-margin expansion and a specific Consumer Americas packaging constraint. Management also highlighted continued progress on the proposed Unilever Foods combination, increased capex and a deleveraging target.
Guidance delta
Management maintained its 2026 outlook and expressed confidence in meeting it; no quantitative guidance change was supplied.
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 volumes remain soft, with a short-term packaging constraint, while Flavor Solutions, innovation and distribution remain key growth priorities.
Management priorities
- Advance the proposed Unilever Foods combination and capture planned synergies.
- Accelerate innovation, price-pack architecture, distribution and precision marketing.
- Invest in capacity and digital transformation while continuing to deleverage toward a 2–3x leverage ratio.
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Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$44.14Current
$51Low
$71.33Average
$93High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 1, 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 |
|---|---|---|---|---|
| JP Morgan | Overweight | Overweight | Maintain | Sep 18, 2026 |
| TD Cowen | Hold | Buy | Downgrade | Sep 14, 2026 |
| Barclays | Equal Weight | Equal Weight | Maintain | Jun 29, 2026 |
| UBS | Neutral | Neutral | Maintain | Jun 26, 2026 |
| Deutsche Bank | Buy | Buy | Maintain | Jun 26, 2026 |
| Bernstein | Outperform | Outperform | Maintain | Jun 26, 2026 |
| Jefferies | Buy | Buy | Maintain | Apr 1, 2026 |
| BNP Paribas | Outperform | Outperform | Maintain | Apr 1, 2026 |
| Stifel | Hold | Hold | Maintain | Jan 23, 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 $44.14. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Coker Palmer | Thomas Palmer | $62 | $49.34 | +40.5% | Sep 18, 2026 |
| Barclays | Analyst unavailable | $55 | $51.05 | +24.6% | Jun 29, 2026 |
| UBS | Analyst unavailable | $52 | $48.35 | +17.8% | Jun 26, 2026 |
| Bernstein | Alexia Howard | $68 | $48.35 | +54.1% | Jun 26, 2026 |
| Deutsche Bank | Analyst unavailable | $60 | $48.35 | +35.9% | Jun 26, 2026 |
| UBS | Peter Grom | $51 | $46.28 | +15.5% | Jun 2, 2026 |
| Barclays | Andrew Lazar | $67 | $60.79 | +51.8% | Jan 26, 2026 |
| UBS | Bryan Adams | $67 | $60.12 | +51.8% | Jan 23, 2026 |
| Bernstein | Analyst unavailable | $85 | $61.2 | +92.6% | Jan 23, 2026 |
| Coker Palmer | Thomas Palmer | $72 | $61.2 | +63.1% | Jan 23, 2026 |
| Deutsche Bank | Analyst unavailable | $75 | $66.8 | +69.9% | Dec 15, 2025 |
| Bernstein | Alexia Howard | $87 | $66.28 | +97.1% | Dec 11, 2025 |
| Jefferies | Analyst unavailable | $78 | $65.86 | +76.7% | Oct 8, 2025 |
| UBS | Analyst unavailable | $70 | $65.86 | +58.6% | Oct 8, 2025 |
| Bernstein | Alexia Howard | $93 | $65.62 | +110.7% | Oct 8, 2025 |
| Stifel Nicolaus | Analyst unavailable | $71 | $65.62 | +60.9% | Oct 8, 2025 |
| Deutsche Bank | Steve Powers | $71 | $65.62 | +60.9% | Oct 8, 2025 |
| Barclays | Andrew Lazar | $72 | $65.62 | +63.1% | Oct 8, 2025 |
| UBS | Bryan Adams | $71 | $67.16 | +60.9% | Oct 1, 2025 |
| Coker Palmer | Thomas Palmer | $82 | $65.71 | +85.8% | Sep 25, 2025 |
| UBS | Analyst unavailable | $79 | $72.26 | +79.0% | Aug 22, 2025 |
| Coker Palmer | Thomas Palmer | $77 | $72.96 | +74.4% | Jun 17, 2025 |
| Jefferies | Rob Dickerson | $91 | $77.5 | +106.2% | Dec 9, 2024 |
| Jefferies | Rob Dickerson | $85 | $78.86 | +92.6% | Oct 22, 2024 |
| Stifel Nicolaus | Matthew Smith | $85 | $84.09 | +92.6% | Oct 2, 2024 |
| Goldman Sachs | Adam Samuelson | $69 | $84.09 | +56.3% | Oct 1, 2024 |
| Jefferies | Rob Dickerson | $86 | $84.09 | +94.8% | Oct 1, 2024 |
| CFRA | Arun Sundaram | $93 | $82.92 | +110.7% | Oct 1, 2024 |
| Argus Research | John Staszak | $80 | $70.6 | +81.2% | Jun 28, 2024 |
| Deutsche Bank | Steve Powers | $73 | $70.6 | +65.4% | Jun 28, 2024 |
| Coker Palmer | Thomas Palmer | $69 | $69.2 | +56.3% | Jun 12, 2024 |
| Argus Research | John Staszak | $88 | $76.62 | +99.4% | Apr 2, 2024 |
| HSBC | Alejandro Zamacona | $79 | $76.6 | +79.0% | Mar 27, 2024 |
| Stifel Nicolaus | Matthew Smith | $75 | $76.37 | +69.9% | Mar 27, 2024 |
| CFRA | Arun Sundaram | $85 | $77.3 | +92.6% | Mar 26, 2024 |
| Deutsche Bank | Analyst unavailable | $83 | $84.18 | +88.0% | Dec 6, 2022 |
| Barclays | Analyst unavailable | $82 | $81.26 | +85.8% | Sep 12, 2022 |
| Deutsche Bank | Analyst unavailable | $79 | $78.38 | +79.0% | Sep 8, 2022 |
| Deutsche Bank | Steve Powers | $85 | $82.07 | +92.6% | Jul 9, 2022 |
| Deutsche Bank | Analyst unavailable | $91 | $83.01 | +106.2% | 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 |
|---|---|---|---|---|
| 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 |
| CPB Campbell Soup Company | FY2026 Q4 · Calendar Q3 2026 | +1.1% | -7.0% | Campbell’s leans on savings and innovation amid pressured demand |
| BF-A Brown-Forman Corporation | FY2027 Q1 · Calendar Q3 2026 | +3.0% | — | Brown-Forman holds FY27 outlook as RTD innovation offsets barrel pressure |
Latest beats and misses
Who reports nextBeat on EPS
- CAGFY2027 Q1 · September 30, 2026+44.4% EPS-4.9% move
- FDSFY2026 Q4 · September 30, 2026+3.9% EPS+3.8% move
- JBLFY2026 Q4 · September 30, 2026+8.1% EPS-10.0% move
- MUFY2026 Q4 · September 30, 2026+5.4% EPS+0.0% move
- CCLFY2026 Q3 · September 29, 2026+5.9% EPS+13.4% move
- COSTFY2026 Q4 · September 24, 2026+3.2% EPS+2.9% move
Get the MKC recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-10-01T19:06:58.092448+00:00
- FN2 earnings calendar · 2026-10-01T01:23:12.786685+00:00
- Polygon adjusted daily market bars · 2026-10-01T19:16:10.260974+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-01T19:16:10.258742+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 2026-10-01. For educational purposes only; not investment advice.