McCORMICK & COMPANY, INCORPORATED FY 2025 10-K, explained in plain English

Key financials — as reported

Total revenue	$6.8B
Gross margin	37.9%
Operating income	$1.1B
Net income	$789.4M
Diluted EPS	$2.93
Cash & equivalents	$95.9M
Total assets	$13.2B
Long-term debt	$3.6B

Key takeaway

McCormick reported fiscal 2025 revenue of $6.84 billion with net income of $789.4 million and diluted EPS of $2.93.

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Beneath the surface

Cash of only $95.9 million against roughly $4.0 billion of total debt implies a substantial net debt position of nearly $3.9 billion, far more leveraged than the headline cash figure alone suggests.

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