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MKC reported Q1 FY2026 revenue of $1.87B (+16.7% YoY) driven by strong top-line growth, but net income surged 526% to $1.02B primarily due to a large non-operating gain, while operating cash flow declined sharply and SG&A costs rose faster than revenue.
营业收入
$1.87B
同比 ++16.72%
每股收益（基本）
$3.78
同比 ++530.00%
毛利率
37.8%
同比 ++0.21%
营业利润
$227.5M
同比 ++1.02%
提交于 · 解读更新于 · 来源: SEC EDGAR 10-Q 原文
Mccormick & Co (MKC) Q1 FY2026 营收 $1.87B，同比增长 16.7%。 净利润 $1.02B，同比增长 526.1%，稀释每股收益 $3.77。 毛利率 37.8%。
Revenue grew 16.7% YoY to $1.87B in Q1 FY2026 from $1.61B in the prior year period, indicating meaningful top-line expansion likely driven by volume gains, pricing, or acquisitions. Gross profit rose 17.4% to $708.9M, slightly outpacing revenue growth.
来源: Source: 10-Q Income Statement
Despite revenue growth, operating income rose only 1.0% YoY to $227.5M, as SG&A expenses surged 20.5% to $456.3M — growing faster than both revenue and gross profit. This caused operating margin to compress by approximately 1.9 percentage points to 12.1%.
来源: Source: 10-Q Income Statement
Net income of $1.02B represents a 526% YoY increase from $162.3M, far exceeding the modest 1.0% growth in operating income. This implies a substantial non-operating or one-time gain (approximately $789M) that inflated net margin to an unusually high 54.2%.
来源: Source: 10-Q Income Statement
Total assets grew 26.7% YoY to $16.35B, while investing cash outflows surged to -$762.4M from -$37.1M in the prior year — a 1,955% increase — suggesting a major acquisition or capital deployment. Financing cash flows turned strongly positive at $781.7M, likely reflecting new debt or equity issuance to fund the activity.
来源: Source: 10-Q Balance Sheet & Cash Flow Statement
Operating cash flow declined 55.9% YoY to $50.9M from $115.5M, and the current ratio stands at only 0.76, meaning current liabilities of $3.44B exceed current assets of $2.61B. This near-term liquidity gap warrants monitoring, particularly given the large investing outflows.
来源: Source: 10-Q Cash Flow Statement & Balance Sheet
MKC's current ratio of 0.76 indicates current liabilities ($3.44B) exceed current assets ($2.61B) by approximately $833M. Combined with a 55.9% decline in operating cash flow to just $50.9M, the company may face challenges meeting short-term obligations without additional financing.
来源: Source: 10-Q Balance Sheet & Cash Flow Statement
SG&A expenses grew 20.5% YoY to $456.3M, significantly faster than revenue growth of 16.7%, compressing operating margins by ~1.9 percentage points to 12.1%. If this cost trend continues, it could further erode profitability even as the top line expands.
来源: Source: 10-Q Income Statement
Net income of $1.02B vastly exceeds operating income of $227.5M, implying roughly $789M in non-operating or one-time items. Investors relying on headline net income may be misled about underlying earnings power, as these gains are unlikely to recur.
来源: Source: 10-Q Income Statement
Long-term debt stands at $3.61B and total liabilities are $8.79B against stockholders' equity of $6.98B, yielding a debt-to-equity ratio of 1.26. The large investing outflow of $762.4M and corresponding financing inflow of $781.7M suggest new leverage was added, increasing financial risk.
来源: Source: 10-Q Balance Sheet & Cash Flow Statement
Total assets surged 26.7% YoY to $16.35B while operating income grew only 1.0%, suggesting potential goodwill or intangible asset accumulation from an acquisition that may not yet be generating commensurate returns. This raises the risk of future impairment charges.
来源: Source: 10-Q Balance Sheet & Income Statement
Q1 FY2026 实际 EPS $0.66，分析师一致预期 $0.60，超预期 +9.9%。
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业收入 | $1.87B | $1.61B | +16.72% |
营业成本 | $1.17B | $1B | +16.33% |
毛利润 | $708.9M | $604M | +17.37% |
营业利润 | $227.5M | $225.2M | +1.02% |
净利润 | $1.02B | $162.3M | +526.12% |
每股收益（基本） | $3.78 | $0.60 | +530.00% |
每股收益（稀释） | $3.77 | $0.60 | +528.33% |
销售及管理费用 | $456.3M | $378.8M | +20.46% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
总资产 | $16.35B | $12.9B | +26.72% |
流动资产 | $2.61B | $2.01B | +29.64% |
总负债 | $8.79B | $7.45B | +17.99% |
流动负债 | $3.44B | $3.1B | +10.97% |
股东权益 | $6.98B | $5.42B | +28.72% |
现金及等价物 | $177.7M | $102.8M | +72.86% |
长期债务 | $3.61B | $3.85B | -6.16% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
经营活动现金流 | $50.9M | $115.5M | -55.93% |
投资活动现金流 | $-762.4M | $-37.1M | -1954.99% |
筹资活动现金流 | $781.7M | $-155.2M | +603.67% |
股票回购 | $10.9M | $17.2M | -36.63% |
折旧及摊销 | $63M | $53.8M | +17.10% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
毛利率 | 37.8% | 37.6% | +0.21% |
营业利润率 | 12.1% | 14.0% | -1.89% |
净利率 | 54.2% | — | — |
净资产收益率 | 14.6% | — | — |
总资产收益率 | 6.2% | — | — |
流动比率 | $0.758 | — | — |
资产负债率 | $1.259 | — | — |
MKC reported strong revenue growth of 16.7% in Q2 FY2026, but net income declined by 14.2% due to increased SG&A expenses.
McCormick (MKC) delivered modest FY2025 growth with revenue rising 1.7% to $6.84B, while net income held nearly flat at $789.4M and gross margin compressed slightly to 37.9%, reflecting cost pressures offsetting volume gains.
Packaged Foods & Meats 行业其他公司
MKC's net income jumped 526% YoY to $1.02B in Q1 FY2026, but operating income only grew 1.0% to $227.5M. The difference implies approximately $789M in non-operating or one-time gains that are unlikely to recur in future quarters.
MKC reported Q1 FY2026 revenue of $1.87B, up 16.7% from $1.61B in the prior year period. This strong top-line growth was accompanied by a 17.4% increase in gross profit to $708.9M, though operating income barely moved due to rising SG&A costs.
The most notable risks include a current ratio of only 0.76 (current liabilities exceed current assets by ~$833M), a 55.9% decline in operating cash flow to $50.9M, and SG&A expenses growing 20.5% — faster than revenue — compressing operating margins. Additionally, the headline net income figure is heavily distorted by a large non-recurring gain.
No — MKC's operating margin declined approximately 1.9 percentage points YoY to 12.1% in Q1 FY2026. While gross margin held steady at 37.8%, SG&A expenses surged 20.5% to $456.3M, growing faster than revenue and eroding profitability at the operating level.
MKC's balance sheet shows total assets of $16.35B and stockholders' equity of $6.98B, but the current ratio of 0.76 and a debt-to-equity ratio of 1.26 highlight leverage and near-term liquidity concerns. A large investing outflow of $762.4M suggests a significant acquisition was made, funded by $781.7M in financing activities, which adds to the company's debt burden.