McCormick: Reinvesting the Beat to Set Up 2H

研报英文原文证据摘录

McCormick: Reinvesting the Beat to Set Up 2H

USA | Food

McCormick EquityJuneResearch25, 2026

ESTIMATE CHANGEReinvesting the Beat to Set Up 2H

MKC posted a strong Q2 beat driven by accelerating Flavor Solutions RATING BUY

momentum and the MdM contribution, with reformulation and H&W tailwinds PRICE $47.60^

pointing to a more durable FS growth profile. That said, U.S. Consumer pressure PRICE TARGET | % TO PT $62.00 | +30%

remains concentrated in specific spices & seasonings segments, prompting a 52W HIGH-LOW $78.16 - $44.82

familiar RGM and brand reinvestment playbook. Notably, guidance was held as FLOAT (%) | ADV MM (USD) 93.6% | 213.68

upside is reinvested to support 2H volume recovery and offset inflation. MARKET CAP $12.8B

TICKER MKC

Flavor Solutions momentum and MdM drive a strong Q2. MKC posted a strong Q2 with an 11¢ ^Prior trading day's closing price unless otherwise noted.

adj. EPS beat vs. cons (7¢ from the tariff refund) and underlying margin expansion, supported by

accelerating FS momentum on top of MdM. FS volumes grew 1.4% vs. cons ~flat, as innovation

pipelines commercialized across large CPGs, PL, and high-growth innovators. Reformulation from FY (Nov) CHANGE TO JEFe JEF vs CONS

large CPG customers is layering in faster than expected, suggesting the H&W tailwind should 2026 2027 2026 2027

support a more durable FS growth profile. REV NM NM NM NM

EPS NM NA NM +1%

Consumer pressure remains concentrated. Americas organic sales were ~flat as pricing was

offset by volume declines tied to wider price gaps and consumers leaning into value amid elevated

2026 ($) Q1A Q2A Q3 Q4 FY

fuel costs and a likely temporary spike in non-food inflation. Pressure sits in specific US spices

EPS 0.66 0.80 0.76 0.87 3.09