McCormick reported first-quarter revenue of $2.0 billion, up 16.7% year-over-year, and adjusted earnings growth of 10%. The company highlighted strong retail and foodservice demand in its core spice segments. Free cash flow remained solid, underpinning its 40-year dividend growth streak. The $44.8 billion agreement combines McCormick with Unilever’s food business into a $20 billion flavor company. Unilever shareholders will own 55.1% of the combined entity, which will launch at 4.0x leverage and targets reduction to 3.0x within two years. Management expects $600 million in annual cost synergies by year three and 23–25% operating margins, with closing slated for mid-2027. McCormick shares fell 5.3% to about $50, marking a 52-week low. The stock now trades at approximately 16x forward earnings, reflecting investor unease over the planned merger’s dilution and debt load. The deal will push leverage to a 4.0x ratio at close.